SPX Gestao de Recursos Ltda increased its stake in Grindr Inc. (NYSE:GRND – Free Report) by 13.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 455,800 shares of the company’s stock after acquiring an additional 54,000 shares during the quarter. SPX Gestao de Recursos Ltda owned about 0.25% of Grindr worth $5,511,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC increased its position in Grindr by 289.1% during the 1st quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock valued at $1,578,000 after purchasing an additional 65,485 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Grindr by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock worth $517,000 after purchasing an additional 762 shares during the period. Creative Planning bought a new stake in shares of Grindr in the 2nd quarter valued at $310,000. Legal & General Group Plc lifted its holdings in Grindr by 33.8% in the second quarter. Legal & General Group Plc now owns 30,341 shares of the company’s stock valued at $689,000 after buying an additional 7,668 shares during the period. Finally, Rhumbline Advisers grew its stake in Grindr by 27.8% during the second quarter. Rhumbline Advisers now owns 55,006 shares of the company’s stock worth $1,249,000 after purchasing an additional 11,963 shares during the period. 7.22% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
GRND has been the subject of several research analyst reports. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. TD Cowen restated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Raymond James Financial reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Grindr in a research report on Friday, May 8th. Morgan Stanley raised Grindr from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $15.00 to $18.00 in a research report on Wednesday, July 1st. Finally, Wall Street Zen upgraded Grindr from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Grindr presently has an average rating of “Moderate Buy” and a consensus target price of $19.20.
Grindr Price Performance
GRND opened at $15.29 on Friday. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 31.84 and a beta of 0.22. The firm’s fifty day moving average price is $13.63 and its two-hundred day moving average price is $12.69. Grindr Inc. has a 1 year low of $9.73 and a 1 year high of $20.44.
Grindr (NYSE:GRND – Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The company had revenue of $129.94 million during the quarter, compared to the consensus estimate of $119.42 million. As a group, analysts anticipate that Grindr Inc. will post 0.59 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Grindr news, insider Zachary Katz sold 12,800 shares of Grindr stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total transaction of $208,384.00. Following the transaction, the insider owned 713,323 shares of the company’s stock, valued at $11,612,898.44. This trade represents a 1.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 35,771 shares of company stock valued at $531,075. Company insiders own 60.90% of the company’s stock.
Grindr Profile
Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.
Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.
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