SPX Gestao de Recursos Ltda Boosts Stock Position in Grindr Inc. $GRND

SPX Gestao de Recursos Ltda raised its stake in Grindr Inc. (NYSE:GRND) by 321.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 177,300 shares of the company’s stock after buying an additional 135,200 shares during the quarter. SPX Gestao de Recursos Ltda’s holdings in Grindr were worth $2,663,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GRND. Norges Bank acquired a new stake in Grindr during the second quarter worth $16,618,000. Franklin Resources Inc. lifted its stake in Grindr by 1,060.9% during the 2nd quarter. Franklin Resources Inc. now owns 776,769 shares of the company’s stock worth $17,633,000 after acquiring an additional 709,857 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Grindr by 288.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 832,513 shares of the company’s stock valued at $18,898,000 after acquiring an additional 618,227 shares during the period. Bank of America Corp DE boosted its holdings in Grindr by 93.5% during the 2nd quarter. Bank of America Corp DE now owns 1,259,449 shares of the company’s stock valued at $28,589,000 after acquiring an additional 608,554 shares during the period. Finally, BNP Paribas Financial Markets grew its position in Grindr by 105.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 853,007 shares of the company’s stock valued at $19,363,000 after acquiring an additional 437,676 shares in the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

Wall Street Analyst Weigh In

GRND has been the topic of a number of recent research reports. Citizens Jmp cut their price target on shares of Grindr from $23.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Monday, November 10th. Morgan Stanley began coverage on shares of Grindr in a report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price objective for the company. Weiss Ratings raised shares of Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday. The Goldman Sachs Group decreased their price target on shares of Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Finally, TD Cowen dropped their price target on shares of Grindr from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Insider Activity at Grindr

In related news, major shareholder James Fu Bin Lu sold 600,000 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $10.07, for a total value of $6,042,000.00. Following the transaction, the insider owned 18,907,101 shares of the company’s stock, valued at $190,394,507.07. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 3,559,766 shares of company stock worth $40,166,264 in the last three months. Insiders own 67.70% of the company’s stock.

Grindr Trading Up 0.1%

Shares of NYSE:GRND opened at $11.64 on Friday. Grindr Inc. has a 52 week low of $9.73 and a 52 week high of $25.13. The company’s 50 day moving average is $11.73 and its two-hundred day moving average is $13.39. The company has a market cap of $2.15 billion, a PE ratio of -31.46 and a beta of 0.23. The company has a current ratio of 1.96, a quick ratio of 0.82 and a debt-to-equity ratio of 8.00.

Grindr Company 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.