Ethic Inc. Purchases Shares of 9,421 Grindr Inc. $GRND

Ethic Inc. purchased a new position in shares of Grindr Inc. (NYSE:GRND) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 9,421 shares of the company’s stock, valued at approximately $209,000.

A number of other hedge funds have also made changes to their positions in the business. CWM LLC raised its position in shares of Grindr by 28.7% during the 2nd quarter. CWM LLC now owns 2,476 shares of the company’s stock worth $56,000 after acquiring an additional 552 shares in the last quarter. KLP Kapitalforvaltning AS increased its stake in Grindr by 46.0% in the second quarter. KLP Kapitalforvaltning AS now owns 7,300 shares of the company’s stock valued at $166,000 after purchasing an additional 2,300 shares during the last quarter. Ascent Group LLC raised its holdings in Grindr by 42.1% during the second quarter. Ascent Group LLC now owns 20,791 shares of the company’s stock worth $472,000 after purchasing an additional 6,158 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in Grindr during the second quarter worth approximately $228,000. Finally, USA Financial Formulas purchased a new stake in shares of Grindr during the 2nd quarter worth approximately $83,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Grindr Stock Down 0.2%

GRND stock opened at $13.86 on Friday. The company has a market cap of $2.66 billion, a price-to-earnings ratio of -31.50 and a beta of 0.23. The company has a fifty day moving average price of $14.68 and a 200 day moving average price of $18.89. The company has a debt-to-equity ratio of 1.43, a current ratio of 2.48 and a quick ratio of 2.48. Grindr Inc. has a 12 month low of $11.73 and a 12 month high of $25.13.

Grindr (NYSE:GRND) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Grindr had a negative net margin of 14.41% and a positive return on equity of 84.93%. The business had revenue of $104.00 million during the quarter, compared to analyst estimates of $104.40 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The company’s revenue for the quarter was up 26.6% compared to the same quarter last year. Sell-side analysts expect that Grindr Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, Director George Raymond Zage III bought 1,000,000 shares of the stock in a transaction on Thursday, October 9th. The shares were bought at an average cost of $13.15 per share, for a total transaction of $13,150,000.00. Following the purchase, the director owned 7,733,283 shares of the company’s stock, valued at $101,692,671.45. This trade represents a 14.85% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Zachary Katz sold 7,645 shares of the business’s stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $12.83, for a total value of $98,085.35. Following the completion of the transaction, the insider directly owned 548,339 shares in the company, valued at approximately $7,035,189.37. The trade was a 1.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 2,361,854 shares of company stock worth $30,730,410. Corporate insiders own 67.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on GRND. Raymond James Financial dropped their target price on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. JMP Securities reduced their price target on shares of Grindr from $27.00 to $23.00 and set a “market outperform” rating for the company in a research report on Monday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Grindr from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.60.

Grindr Profile

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.