Grindr Inc. $GRND Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. grew its holdings in Grindr Inc. (NYSE:GRND) by 8.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 978,287 shares of the company’s stock after buying an additional 78,375 shares during the quarter. Federated Hermes Inc. owned 0.50% of Grindr worth $22,207,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GRND. Y Intercept Hong Kong Ltd acquired a new position in shares of Grindr during the second quarter valued at approximately $1,832,000. Bryce Point Capital LLC purchased a new stake in shares of Grindr during the second quarter worth approximately $851,000. Tredje AP fonden acquired a new position in Grindr in the 2nd quarter valued at $956,000. Shaker Investments LLC OH acquired a new position in Grindr in the 2nd quarter valued at $992,000. Finally, NINE MASTS CAPITAL Ltd purchased a new position in Grindr in the 2nd quarter valued at $7,171,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Grindr Stock Performance

NYSE GRND opened at $13.40 on Wednesday. The stock has a fifty day simple moving average of $13.58 and a 200-day simple moving average of $17.20. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.73. The stock has a market cap of $2.48 billion, a PE ratio of -36.22 and a beta of 0.23. Grindr Inc. has a twelve month low of $11.73 and a twelve month high of $25.13.

Grindr (NYSE:GRND) last announced its earnings results on Thursday, November 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. The company had revenue of $115.77 million for the quarter, compared to analyst estimates of $113.53 million. Grindr had a positive return on equity of 80.21% and a negative net margin of 11.99%.The firm’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.09 earnings per share. Equities analysts anticipate that Grindr Inc. will post 0.29 earnings per share for the current year.

Insider Activity at Grindr

In other Grindr news, Director George Raymond Zage III acquired 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, October 9th. The stock was purchased at an average price of $13.15 per share, for a total transaction of $13,150,000.00. Following the completion of the acquisition, the director owned 7,733,283 shares of the company’s stock, valued at approximately $101,692,671.45. This trade represents a 14.85% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Fu Bin Lu sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, October 9th. The stock was sold at an average price of $13.15, for a total transaction of $13,150,000.00. Following the sale, the director owned 25,588,867 shares in the company, valued at approximately $336,493,601.05. This trade represents a 3.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders bought 1,605,000 shares of company stock valued at $21,080,000 and sold 3,879,539 shares valued at $52,694,016. Company insiders own 67.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GRND shares. Citizens Jmp dropped their price target on Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Grindr in a research note on Monday. Finally, Wall Street Zen cut Grindr from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

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.