State of Wyoming Reduces Stock Position in Grindr Inc. (NYSE:GRND)

State of Wyoming cut its holdings in shares of Grindr Inc. (NYSE:GRND) by 8.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,990 shares of the company’s stock after selling 1,142 shares during the quarter. State of Wyoming’s holdings in Grindr were worth $214,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Bank of New York Mellon Corp grew its position in shares of Grindr by 1.2% in the 4th 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 in the last quarter. Russell Investments Group Ltd. grew its position in shares of Grindr by 31.9% in the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after acquiring an additional 642 shares in the last quarter. Bleakley Financial Group LLC boosted its position in Grindr by 5.6% during the 4th quarter. Bleakley Financial Group LLC now owns 28,712 shares of the company’s stock valued at $512,000 after purchasing an additional 1,524 shares during the period. Savant Capital LLC boosted its position in Grindr by 9.6% during the 4th quarter. Savant Capital LLC now owns 19,325 shares of the company’s stock valued at $345,000 after purchasing an additional 1,689 shares during the period. Finally, Quarry LP boosted its position in Grindr by 209.2% during the 4th quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after purchasing an additional 2,316 shares during the period. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director J Michael Gearon, Jr. sold 477,570 shares of the business’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $23.64, for a total value of $11,289,754.80. Following the sale, the director now owns 5,500,000 shares of the company’s stock, valued at approximately $130,020,000. The trade was a 7.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Zachary Katz sold 3,058 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total value of $49,631.34. Following the completion of the sale, the insider now directly owns 613,800 shares in the company, valued at $9,961,974. This represents a 0.50% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,054,770 shares of company stock worth $48,848,167. 76.40% of the stock is owned by company insiders.

Grindr Stock Performance

Shares of GRND stock opened at $23.99 on Friday. Grindr Inc. has a 1 year low of $8.95 and a 1 year high of $24.80. The stock has a fifty day moving average of $20.37 and a two-hundred day moving average of $18.05. The firm has a market capitalization of $4.70 billion, a PE ratio of -68.53 and a beta of 0.28.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. Equities research analysts predict that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GRND has been the subject of a number of analyst reports. Raymond James restated an “outperform” rating and set a $26.00 price objective (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 set a $24.00 price objective on shares of Grindr in a research report on Monday, April 21st. The Goldman Sachs Group boosted their price objective on Grindr from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Citigroup restated an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Finally, Wall Street Zen upgraded Grindr from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $23.25.

About Grindr

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.