JPMorgan Chase & Co. grew its holdings in Grindr Inc. (NYSE:GRND - Free Report) by 66.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 232,343 shares of the company's stock after acquiring an additional 93,005 shares during the period. JPMorgan Chase & Co. owned about 0.13% of Grindr worth $2,772,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in GRND. Lord Abbett & CO. LLC purchased a new stake in shares of Grindr in the third quarter worth about $7,720,000. Marshall Wace LLP raised its holdings in shares of Grindr by 124.0% during the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company's stock worth $7,685,000 after acquiring an additional 347,626 shares in the last quarter. Discovery Capital Management LLC CT bought a new position in shares of Grindr during the 2nd quarter valued at approximately $3,179,000. Squarepoint Ops LLC grew its holdings in shares of Grindr by 264.4% in the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company's stock valued at $3,192,000 after purchasing an additional 189,237 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Grindr by 219.9% during the third quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company's stock valued at $2,145,000 after purchasing an additional 123,600 shares in the last quarter. Institutional investors own 7.22% of the company's stock.
Grindr Stock Up 1.1 %
GRND traded up $0.19 during trading hours on Tuesday, reaching $17.26. 716,402 shares of the company's stock traded hands, compared to its average volume of 850,057. The firm has a 50-day moving average price of $16.31 and a 200 day moving average price of $13.70. The firm has a market capitalization of $3.05 billion, a PE ratio of -49.30 and a beta of 0.31. Grindr Inc. has a 52-week low of $7.93 and a 52-week high of $18.42.
Grindr (NYSE:GRND - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The company had revenue of $89.33 million during the quarter, compared to analysts' expectations of $88.50 million. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. During the same period in the prior year, the business earned $0.06 EPS. Equities analysts predict that Grindr Inc. will post 0.28 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CFO Vandana Mehta-Krantz sold 60,776 shares of the firm's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.29, for a total transaction of $868,489.04. Following the sale, the chief financial officer now owns 722,126 shares of the company's stock, valued at $10,319,180.54. This trade represents a 7.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Nathan Richardson sold 5,234 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.00, for a total transaction of $78,510.00. Following the completion of the transaction, the director now owns 27,408 shares of the company's stock, valued at $411,120. This represents a 16.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,399,000 shares of company stock valued at $36,303,532 over the last quarter. 76.40% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. JMP Securities reissued a "market outperform" rating and issued a $21.00 price objective on shares of Grindr in a research note on Monday, December 16th. The Goldman Sachs Group assumed coverage on Grindr in a research note on Monday, December 16th. They set a "buy" rating and a $20.00 price objective on the stock. Raymond James raised their price objective on Grindr from $16.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Finally, TD Cowen boosted their target price on Grindr from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th.
Check Out Our Latest Analysis on Grindr
About Grindr
(
Free Report)
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.
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