JPMorgan Chase & Co. Purchases 87,076 Shares of Grindr Inc. $GRND

JPMorgan Chase & Co. raised its position in Grindr Inc. (NYSE:GRND) by 33.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 346,122 shares of the company’s stock after acquiring an additional 87,076 shares during the quarter. JPMorgan Chase & Co.’s holdings in Grindr were worth $5,199,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Grindr during the third quarter worth about $26,000. EverSource Wealth Advisors LLC increased its holdings in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares during the period. Raymond James Financial Inc. bought a new position in Grindr during the 2nd quarter valued at approximately $39,000. Aster Capital Management DIFC Ltd raised its position in Grindr by 190.7% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,793 shares of the company’s stock valued at $57,000 after purchasing an additional 2,488 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its holdings in Grindr by 41.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,407 shares of the company’s stock worth $77,000 after buying an additional 1,002 shares during the period. 7.22% of the stock is owned by institutional investors.

Grindr Stock Performance

Shares of GRND opened at $11.99 on Thursday. The company has a 50-day simple moving average of $11.49 and a two-hundred day simple moving average of $12.96. The company has a debt-to-equity ratio of 8.00, a current ratio of 1.96 and a quick ratio of 1.96. The firm has a market capitalization of $2.22 billion, a PE ratio of 27.88 and a beta of 0.21. Grindr Inc. has a one year low of $9.73 and a one year high of $25.13.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, major shareholder James Fu Bin Lu sold 600,000 shares of Grindr 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 sale, the insider directly owned 18,907,101 shares in the company, valued at $190,394,507.07. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 3,412,144 shares of company stock valued at $38,142,927. 67.70% of the stock is currently owned by corporate insiders.

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.