SPX Gestao de Recursos Ltda Buys 54,000 Shares of Grindr Inc. $GRND

SPX Gestao de Recursos Ltda raised its position in shares of Grindr Inc. (NYSE:GRND) by 13.4% in the 1st quarter, Holdings Channel.com reports. 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’s holdings in Grindr were worth $5,511,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of GRND. Vanguard Group Inc. raised its stake in Grindr by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock valued at $34,430,000 after acquiring an additional 9,952 shares during the period. Norges Bank bought a new stake in Grindr during the 4th quarter valued at $27,441,000. Quinn Opportunity Partners LLC purchased a new stake in shares of Grindr during the fourth quarter worth $20,565,000. Jacobs Levy Equity Management Inc. boosted its stake in Grindr by 327.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock worth $20,746,000 after purchasing an additional 1,058,084 shares during the period. Finally, Bank of America Corp DE boosted its stake in Grindr by 93.5% in the 2nd quarter. Bank of America Corp DE now owns 1,259,449 shares of the company’s stock worth $28,589,000 after purchasing an additional 608,554 shares during the period. 7.22% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Grindr

In other news, insider Zachary Katz sold 12,800 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $16.28, for a total value of $208,384.00. Following the completion of the sale, the insider owned 713,323 shares of the company’s stock, valued at approximately $11,612,898.44. The trade was a 1.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,771 shares of company stock worth $531,075 in the last ninety days. Corporate insiders own 60.90% of the company’s stock.

Grindr Stock Performance

Shares of NYSE GRND opened at $15.29 on Friday. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 31.84 and a beta of 0.22. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30. Grindr Inc. has a 1-year low of $9.73 and a 1-year high of $20.44. The stock’s 50-day moving average is $13.63 and its 200 day moving average is $12.69.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The firm had revenue of $129.94 million during the quarter, compared to analyst estimates of $119.42 million. On average, sell-side analysts anticipate that Grindr Inc. will post 0.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GRND has been the topic of a number of analyst reports. Morgan Stanley raised shares of 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 report on Wednesday, July 1st. Raymond James Financial restated an “outperform” rating and set a $18.00 target price on shares of Grindr in a research report on Friday, May 8th. Weiss Ratings raised Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen raised Grindr from a “hold” rating to a “buy” rating in a report on Sunday, July 5th. Finally, TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.20.

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.