Emmett Investment Management LP Sells 49,800 Shares of Grindr Inc. $GRND

Emmett Investment Management LP cut its stake in Grindr Inc. (NYSE:GRND) by 27.3% in the third quarter, Holdings Channel.com reports. The firm owned 132,285 shares of the company’s stock after selling 49,800 shares during the quarter. Grindr makes up approximately 1.4% of Emmett Investment Management LP’s investment portfolio, making the stock its 22nd largest position. Emmett Investment Management LP’s holdings in Grindr were worth $1,968,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in shares of Grindr by 289.1% in the 1st quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock valued at $1,578,000 after purchasing an additional 65,485 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Grindr by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock worth $517,000 after buying an additional 762 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Grindr by 551.1% during the second quarter. Bank of New York Mellon Corp now owns 351,571 shares of the company’s stock worth $7,981,000 after buying an additional 297,573 shares in the last quarter. Savant Capital LLC grew its holdings in shares of Grindr by 17.6% during the second quarter. Savant Capital LLC now owns 22,400 shares of the company’s stock worth $508,000 after buying an additional 3,358 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Grindr by 27.4% in the 2nd quarter. Geode Capital Management LLC now owns 657,167 shares of the company’s stock valued at $14,919,000 after buying an additional 141,339 shares during the last quarter. Institutional investors own 7.22% of the company’s stock.

Insiders Place Their Bets

In other Grindr news, major shareholder James Fu Bin Lu sold 600,000 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $10.07, for a total transaction 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. The trade was a 3.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 3,559,766 shares of company stock valued at $40,166,264 in the last ninety days. 67.70% of the stock is owned by company insiders.

Grindr Price Performance

NYSE:GRND opened at $11.94 on Friday. Grindr Inc. has a 52-week low of $9.73 and a 52-week high of $25.13. The company has a market cap of $2.21 billion, a P/E ratio of 27.77 and a beta of 0.23. The company has a debt-to-equity ratio of 8.00, a quick ratio of 1.96 and a current ratio of 1.96. The stock’s 50-day simple moving average is $11.59 and its 200 day simple moving average is $13.24.

Wall Street Analyst Weigh In

GRND has been the subject of a number of recent research reports. Weiss Ratings raised Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, March 4th. Morgan Stanley started coverage on shares of Grindr in a report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price objective on the stock. The Goldman Sachs Group cut their price objective on shares of Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Finally, TD Cowen reduced their target price on shares of Grindr from $26.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Grindr currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

About Grindr

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.