57,926 Shares in Grindr Inc. $GRND Acquired by GSA Capital Partners LLP

GSA Capital Partners LLP bought a new position in Grindr Inc. (NYSE:GRND) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 57,926 shares of the company’s stock, valued at approximately $832,000.

A number of other hedge funds have also added to or reduced their stakes in GRND. EverSource Wealth Advisors LLC boosted its stake in shares of Grindr by 1,473.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after buying an additional 1,385 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Grindr in the second quarter worth $39,000. Caitong International Asset Management Co. Ltd purchased a new stake in Grindr during the third quarter valued at $26,000. CWM LLC increased its position in Grindr by 713.8% during the fourth quarter. CWM LLC now owns 2,946 shares of the company’s stock valued at $40,000 after acquiring an additional 2,584 shares during the last quarter. Finally, Rockefeller Capital Management L.P. bought a new position in Grindr in the fourth quarter valued at about $45,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Grindr Price Performance

Shares of Grindr stock opened at $15.93 on Wednesday. The stock has a market cap of $2.77 billion, a P/E ratio of 31.85 and a beta of 0.20. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.10 and a current ratio of 1.10. The stock’s fifty day moving average is $15.20 and its 200 day moving average is $13.24. Grindr Inc. has a one year low of $9.73 and a one year high of $18.50.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.06). The company had revenue of $138.14 million for the quarter, compared to the consensus estimate of $132.50 million. Grindr had a net margin of 18.75% and a return on equity of 357.13%. Sell-side analysts anticipate that Grindr Inc. will post 0.51 earnings per share for the current year.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 12,979 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $17.89, for a total transaction of $232,194.31. Following the completion of the transaction, the insider directly owned 690,172 shares in the company, valued at approximately $12,347,177.08. The trade was a 1.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 48,750 shares of company stock worth $763,270. 60.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on GRND. The Goldman Sachs Group restated a “buy” rating and set a $19.00 price target on shares of Grindr in a research note on Friday, August 7th. Raymond James Financial reiterated an “outperform” rating on shares of Grindr in a research note on Friday, August 7th. TD Cowen reissued a “buy” rating on shares of Grindr in a report on Monday, June 1st. Weiss Ratings restated a “hold (c)” rating on shares of Grindr in a research report on Friday, August 7th. Finally, Morgan Stanley restated an “overweight” rating and set a $20.00 target price on shares of Grindr in a research report on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

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.