Rhumbline Advisers Raises Holdings in Grindr Inc. (NYSE:GRND)

Rhumbline Advisers lifted its holdings in shares of Grindr Inc. (NYSE:GRND) by 3.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 43,043 shares of the company’s stock after acquiring an additional 1,272 shares during the period. Rhumbline Advisers’ holdings in Grindr were worth $770,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of GRND. Allspring Global Investments Holdings LLC purchased a new stake in shares of Grindr during the fourth quarter worth about $1,649,000. Principal Financial Group Inc. grew its stake in shares of Grindr by 10.9% during the fourth quarter. Principal Financial Group Inc. now owns 33,919 shares of the company’s stock worth $605,000 after acquiring an additional 3,341 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Grindr during the fourth quarter worth about $201,000. Bank of New York Mellon Corp grew its stake in shares of Grindr by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company’s stock worth $944,000 after acquiring an additional 623 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Grindr by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 195,298 shares of the company’s stock worth $3,484,000 after acquiring an additional 3,612 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Insider Buying and Selling at Grindr

In other news, insider Zachary Katz sold 14,692 shares of Grindr stock in a transaction on Monday, June 16th. The stock was sold at an average price of $23.47, for a total transaction of $344,821.24. Following the transaction, the insider now owns 624,497 shares in the company, valued at $14,656,944.59. The trade was a 2.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vandana Mehta-Krantz sold 56,611 shares of Grindr stock in a transaction on Monday, June 16th. The stock was sold at an average price of $23.47, for a total value of $1,328,660.17. Following the transaction, the chief financial officer now owns 752,594 shares in the company, valued at approximately $17,663,381.18. This represents a 7.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,589,884 shares of company stock worth $109,728,407. Corporate insiders own 76.40% of the company’s stock.

Grindr Trading Down 1.3%

Shares of NYSE:GRND opened at $22.62 on Friday. Grindr Inc. has a 1 year low of $9.45 and a 1 year high of $25.13. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of -34.79 and a beta of 0.31. The company has a debt-to-equity ratio of 0.85, a current ratio of 4.22 and a quick ratio of 4.22. The business’s 50 day moving average price is $22.68 and its 200-day moving average price is $19.22.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. Grindr had a positive return on equity of 219.47% and a negative net margin of 26.04%. On average, equities research analysts forecast that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on GRND shares. Wall Street Zen upgraded Grindr from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 22nd. Citigroup reiterated an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Raymond James Financial reiterated an “outperform” rating and issued a $26.00 target price (up previously from $22.00) on shares of Grindr in a research report on Friday, May 9th. JMP Securities restated a “market outperform” rating and issued a $24.00 price objective on shares of Grindr in a research report on Monday, April 21st. Finally, The Goldman Sachs Group increased their target price on Grindr from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $23.25.

Grindr Company Profile

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.