Bank of America Corp DE Reduces Position in Grindr Inc. $GRND

Bank of America Corp DE reduced its stake in shares of Grindr Inc. (NYSE:GRND) by 56.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 499,024 shares of the company’s stock after selling 644,390 shares during the period. Bank of America Corp DE’s holdings in Grindr were worth $6,033,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of GRND. AQR Capital Management LLC raised its position in Grindr by 289.1% in the first 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. raised its holdings in shares of Grindr by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock valued at $517,000 after purchasing an additional 762 shares in the last quarter. Creative Planning purchased a new stake in Grindr during the second quarter worth approximately $310,000. Legal & General Group Plc lifted its position in shares of Grindr by 33.8% during the 2nd quarter. Legal & General Group Plc now owns 30,341 shares of the company’s stock worth $689,000 after buying an additional 7,668 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Grindr by 27.8% in the second quarter. Rhumbline Advisers now owns 55,006 shares of the company’s stock valued at $1,249,000 after acquiring an additional 11,963 shares in the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analysts Set New Price Targets

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

Grindr Stock Performance

GRND opened at $15.79 on Thursday. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $2.74 billion, a P/E ratio of 31.58 and a beta of 0.20. The stock’s 50 day simple moving average is $15.60 and its 200 day simple moving average is $13.45. Grindr Inc. has a 1-year low of $9.73 and a 1-year high of $18.50.

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

Insider Activity

In related news, Director Daniel Brooks Baer sold 3,500 shares of Grindr stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $15.65, for a total value of $54,775.00. Following the transaction, the director owned 47,912 shares in the company, valued at approximately $749,822.80. This trade represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a legal 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. Also, insider Zachary Katz sold 12,979 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider owned 690,172 shares in the company, valued at $12,347,177.08. The trade was a 1.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 52,250 shares of company stock worth $818,045 over the last quarter. 60.90% of the stock is currently owned by company insiders.

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.