Alberta Investment Management Corp Invests $5.42 Million in Grindr Inc. $GRND

Alberta Investment Management Corp purchased a new position in shares of Grindr Inc. (NYSE:GRND) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 400,000 shares of the company’s stock, valued at approximately $5,416,000.

Several other hedge funds also recently added to or reduced their stakes in GRND. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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. The Manufacturers Life Insurance Company boosted its position in shares of Grindr by 8.0% during the second quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock valued at $332,000 after buying an additional 1,086 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of Grindr by 69.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,983 shares of the company’s stock valued at $40,000 after buying an additional 1,227 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Grindr by 1,473.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after buying an additional 1,385 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Grindr in the second quarter worth approximately $39,000. 7.22% of the stock is currently owned by institutional investors.

Grindr Stock Up 5.6%

Shares of NYSE GRND opened at $13.34 on Wednesday. Grindr Inc. has a 52-week low of $9.73 and a 52-week high of $23.66. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 27.78 and a beta of 0.24. The stock has a 50 day moving average price of $12.83 and a 200 day moving average price of $12.46. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.32 and a current ratio of 1.32.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. The company had revenue of $129.94 million for the quarter, compared to the consensus estimate of $119.42 million. Grindr had a return on equity of 123.31% and a net margin of 19.85%. Sell-side analysts expect that Grindr Inc. will post 0.58 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Weiss Ratings raised Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. The Goldman Sachs Group cut their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. TD Cowen reiterated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Raymond James Financial reiterated an “outperform” rating and set a $18.00 target price on shares of Grindr in a research report on Friday, May 8th. Finally, Morgan Stanley began coverage on shares of Grindr in a research note on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Grindr has a consensus rating of “Moderate Buy” and a consensus price target of $18.40.

Grindr Company 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.