Credit Industriel ET Commercial Sells 60,000 Shares of Grindr Inc. $GRND

Credit Industriel ET Commercial cut its stake in shares of Grindr Inc. (NYSE:GRND) by 75.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,000 shares of the company’s stock after selling 60,000 shares during the period. Credit Industriel ET Commercial’s holdings in Grindr were worth $242,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Grindr by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 2,292,256 shares of the company’s stock worth $34,430,000 after purchasing an additional 9,952 shares in the last quarter. Norges Bank acquired a new stake in Grindr during the 4th quarter worth approximately $27,441,000. Quinn Opportunity Partners LLC bought a new stake in Grindr during the 4th quarter worth approximately $20,565,000. Jacobs Levy Equity Management Inc. grew its stake in shares of Grindr by 327.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,381,211 shares of the company’s stock worth $20,746,000 after purchasing an additional 1,058,084 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Grindr by 93.5% in the second quarter. Bank of America Corp DE now owns 1,259,449 shares of the company’s stock worth $28,589,000 after purchasing an additional 608,554 shares during the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

Insider Buying and Selling

In related news, insider Zachary Katz sold 12,800 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $16.28, for a total transaction of $208,384.00. Following the transaction, the insider directly owned 713,323 shares of the company’s stock, valued at approximately $11,612,898.44. This represents a 1.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 35,771 shares of company stock valued at $531,075. Insiders own 60.90% of the company’s stock.

Grindr Trading Up 2.4%

Shares of GRND stock opened at $16.30 on Tuesday. Grindr Inc. has a fifty-two week low of $9.73 and a fifty-two week high of $22.64. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a 50 day simple moving average of $13.27 and a two-hundred day simple moving average of $12.56. The company has a market cap of $2.90 billion, a P/E ratio of 33.95 and a beta of 0.22.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The company had revenue of $129.94 million during the quarter, compared to the consensus estimate of $119.42 million. Research analysts forecast that Grindr Inc. will post 0.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GRND shares. Raymond James Financial reaffirmed an “outperform” rating and set a $18.00 target price on shares of Grindr in a report on Friday, May 8th. TD Cowen reissued a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Morgan Stanley upgraded shares of Grindr from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $15.00 to $18.00 in a research report on Wednesday, July 1st. Finally, Wall Street Zen raised shares of Grindr from a “hold” rating to a “buy” rating in a research note on Sunday. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.20.

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.