Jane Street Group LLC Has $1.74 Million Stake in Grindr Inc. (NYSE:GRND)

Jane Street Group LLC trimmed its stake in Grindr Inc. (NYSE:GRND) by 33.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,257 shares of the company’s stock after selling 49,974 shares during the period. Jane Street Group LLC owned about 0.06% of Grindr worth $1,735,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in Grindr by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company’s stock valued at $944,000 after purchasing an additional 623 shares during the period. Russell Investments Group Ltd. boosted its position in Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock valued at $47,000 after acquiring an additional 642 shares during the last quarter. Bleakley Financial Group LLC boosted its position in Grindr by 5.6% during the fourth quarter. Bleakley Financial Group LLC now owns 28,712 shares of the company’s stock valued at $512,000 after acquiring an additional 1,524 shares during the last quarter. Savant Capital LLC boosted its position in Grindr by 9.6% during the fourth quarter. Savant Capital LLC now owns 19,325 shares of the company’s stock valued at $345,000 after acquiring an additional 1,689 shares during the last quarter. Finally, Quarry LP boosted its position in Grindr by 209.2% during the fourth quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after acquiring an additional 2,316 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Grindr

In related news, Director J Michael Gearon, Jr. sold 500,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $23.71, for a total value of $11,855,000.00. Following the transaction, the director now owns 6,619,727 shares of the company’s stock, valued at approximately $156,953,727.17. This trade represents a 7.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Zachary Katz sold 3,058 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $16.23, for a total transaction of $49,631.34. Following the completion of the transaction, the insider now directly owns 613,800 shares in the company, valued at approximately $9,961,974. The trade was a 0.50% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,470,198 shares of company stock valued at $35,043,865. 76.40% of the stock is owned by corporate insiders.

Grindr Price Performance

GRND stock opened at $23.49 on Friday. The stock has a market capitalization of $4.89 billion, a PE ratio of -67.12 and a beta of 0.28. The company’s 50-day moving average is $19.64 and its 200-day moving average is $17.70. Grindr Inc. has a 1 year low of $8.95 and a 1 year high of $24.80.

Grindr (NYSE:GRND) last released its quarterly earnings data 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 net margin of 16.27% and a negative return on equity of 177.83%. On average, analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GRND. Citigroup reaffirmed an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. JMP Securities reaffirmed a “market outperform” rating and set a $24.00 price target on shares of Grindr in a research report on Monday, April 21st. Raymond James reaffirmed an “outperform” rating and set a $26.00 price target (up previously from $22.00) on shares of Grindr in a research report on Friday, May 9th. Finally, The Goldman Sachs Group increased their price objective on shares of Grindr from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Grindr currently has an average rating of “Buy” and a consensus price target 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.