Two Sigma Advisers LP Buys Shares of 43,948 Grindr Inc. (NYSE:GRND)

Two Sigma Advisers LP purchased a new position in shares of Grindr Inc. (NYSE:GRND) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 43,948 shares of the company’s stock, valued at approximately $784,000.

A number of other hedge funds and other institutional investors have also modified their holdings of GRND. First Trust Advisors LP grew its holdings in Grindr by 11.7% in the fourth quarter. First Trust Advisors LP now owns 95,481 shares of the company’s stock valued at $1,703,000 after purchasing an additional 9,968 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Grindr by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company’s stock worth $944,000 after purchasing an additional 623 shares in the last quarter. Janus Henderson Group PLC acquired a new position in shares of Grindr during the fourth quarter worth $227,000. Swiss National Bank acquired a new stake in Grindr in the fourth quarter valued at $926,000. Finally, Principal Financial Group Inc. raised its holdings in Grindr by 10.9% in the fourth quarter. Principal Financial Group Inc. now owns 33,919 shares of the company’s stock valued at $605,000 after acquiring an additional 3,341 shares in the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on GRND. Raymond James reaffirmed an “outperform” rating and issued a $26.00 price target (up from $22.00) on shares of Grindr in a report on Friday, May 9th. Wall Street Zen raised Grindr from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. JMP Securities reiterated a “market outperform” rating and issued a $24.00 target price on shares of Grindr in a research report on Monday, April 21st. Citigroup reiterated an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Finally, The Goldman Sachs Group upped their price target on shares of Grindr from $20.00 to $26.00 and gave the company a “buy” rating in a report on Monday, May 12th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $23.25.

Insider Buying and Selling

In other news, Director J Michael Gearon, Jr. sold 283,559 shares of Grindr stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $24.13, for a total transaction of $6,842,278.67. Following the transaction, the director now owns 6,336,168 shares in the company, valued at $152,891,733.84. The trade was a 4.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel Brooks Baer sold 2,000 shares of Grindr stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $23.98, for a total value of $47,960.00. Following the transaction, the director now owns 27,128 shares in the company, valued at $650,529.44. This trade represents a 6.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,002,207 shares of company stock worth $95,424,038 over the last three months. 76.40% of the stock is currently owned by company insiders.

Grindr Price Performance

GRND opened at $24.73 on Tuesday. Grindr Inc. has a fifty-two week low of $8.95 and a fifty-two week high of $25.13. The firm’s fifty day moving average price is $21.17 and its two-hundred day moving average price is $18.48. The company has a market capitalization of $4.84 billion, a P/E ratio of -70.64 and a beta of 0.28.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.09. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. On average, equities research analysts expect that Grindr Inc. will post 0.29 EPS for the current fiscal year.

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.