Renaissance Technologies LLC Has $202,000 Position in Grindr Inc. $GRND

Renaissance Technologies LLC lessened its holdings in shares of Grindr Inc. (NYSE:GRND) by 83.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 16,736 shares of the company’s stock after selling 84,000 shares during the period. Renaissance Technologies LLC’s holdings in Grindr were worth $202,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GRND. Norges Bank bought a new stake in Grindr during the 4th quarter worth about $27,441,000. Quinn Opportunity Partners LLC acquired a new stake in Grindr in the 4th quarter valued at about $20,565,000. Blacksheep Fund Management Ltd bought a new position in shares of Grindr in the fourth quarter worth about $16,804,000. Balyasny Asset Management L.P. raised its stake in shares of Grindr by 442.6% in the third quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company’s stock worth $14,149,000 after acquiring an additional 1,217,017 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Grindr during the fourth quarter worth approximately $15,631,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Stock Down 2.2%

Shares of NYSE GRND opened at $15.61 on Thursday. The firm has a market capitalization of $2.71 billion, a PE ratio of 31.21 and a beta of 0.20. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 442.30. Grindr Inc. has a 1 year low of $9.73 and a 1 year high of $18.50. The firm’s 50-day moving average is $15.28 and its 200-day moving average is $13.27.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). Grindr had a return on equity of 357.13% and a net margin of 18.75%.The business had revenue of $138.14 million for the quarter, compared to the consensus estimate of $132.50 million. Equities analysts expect that Grindr Inc. will post 0.51 EPS for the current year.

Insider Transactions at Grindr

In other Grindr news, insider Zachary Katz sold 12,979 shares of Grindr stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $17.89, for a total transaction of $232,194.31. Following the completion of the sale, the insider owned 690,172 shares of the company’s stock, valued at approximately $12,347,177.08. The trade was a 1.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 48,750 shares of company stock valued at $763,270 over the last quarter. 60.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on GRND shares. Raymond James Financial reissued an “outperform” rating on shares of Grindr in a research note on Friday, August 7th. The Goldman Sachs Group restated a “buy” rating and issued a $19.00 price objective on shares of Grindr in a research report on Friday, August 7th. Wall Street Zen downgraded Grindr from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. TD Cowen reiterated a “buy” rating on shares of Grindr in a research report on Monday, June 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Grindr in a research note on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

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.