Bank of New York Mellon Corp Sells 22,657 Shares of Grindr Inc. (NYSE:GRND)

Bank of New York Mellon Corp cut its position in Grindr Inc. (NYSE:GRND) by 22.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,667 shares of the company’s stock after selling 22,657 shares during the period. Bank of New York Mellon Corp’s holdings in Grindr were worth $975,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Park West Asset Management LLC acquired a new stake in Grindr in the fourth quarter valued at approximately $1,652,000. GSA Capital Partners LLP acquired a new stake in Grindr in the 1st quarter valued at $545,000. Susquehanna Fundamental Investments LLC bought a new stake in Grindr during the 1st quarter valued at $209,000. Vanguard Group Inc. raised its holdings in Grindr by 5.7% during the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock worth $5,778,000 after buying an additional 30,574 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Grindr by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after buying an additional 1,667 shares in the last quarter. 7.22% of the stock is owned by institutional investors.

Insider Activity at Grindr

In other news, CEO George Arison sold 2,931 shares of Grindr stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $10.00, for a total transaction of $29,310.00. Following the sale, the chief executive officer now directly owns 3,022,666 shares in the company, valued at approximately $30,226,660. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO George Arison sold 2,931 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $10.00, for a total transaction of $29,310.00. Following the completion of the transaction, the chief executive officer now directly owns 3,022,666 shares of the company’s stock, valued at approximately $30,226,660. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Kye Chen sold 16,187 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $11.68, for a total transaction of $189,064.16. Following the sale, the chief accounting officer now owns 138,604 shares of the company’s stock, valued at approximately $1,618,894.72. The disclosure for this sale can be found here. 76.40% of the stock is currently owned by company insiders.

Grindr Price Performance

NYSE GRND opened at $11.96 on Friday. The company has a fifty day moving average price of $11.78 and a 200-day moving average price of $10.72. Grindr Inc. has a 1 year low of $5.32 and a 1 year high of $12.83. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -66.44 and a beta of 0.35.

Grindr (NYSE:GRND) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. Grindr had a negative net margin of 25.67% and a negative return on equity of 234.28%. The business had revenue of $82.35 million during the quarter, compared to the consensus estimate of $77.40 million. On average, research analysts anticipate that Grindr Inc. will post 0.25 EPS for the current fiscal year.

Analyst Ratings Changes

GRND has been the subject of several recent research reports. Raymond James boosted their target price on shares of Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, June 27th. TD Cowen boosted their price objective on Grindr from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Finally, JMP Securities reissued a “market outperform” rating and issued a $17.00 price objective on shares of Grindr in a research note on Monday, July 15th.

About Grindr

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.