Yarra Square Partners LP Takes Position in Grindr Inc. (NYSE:GRND)

Yarra Square Partners LP bought a new position in shares of Grindr Inc. (NYSE:GRND) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 245,500 shares of the company’s stock, valued at approximately $3,005,000. Grindr comprises approximately 2.7% of Yarra Square Partners LP’s investment portfolio, making the stock its 16th biggest holding. Yarra Square Partners LP owned 0.14% of Grindr at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Grindr by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock valued at $5,778,000 after purchasing an additional 30,574 shares during the period. Federated Hermes Inc. purchased a new position in Grindr during the second quarter valued at approximately $3,640,000. Park West Asset Management LLC bought a new position in Grindr in the fourth quarter worth approximately $1,652,000. SG Americas Securities LLC purchased a new stake in Grindr during the second quarter worth $718,000. Finally, Cornercap Investment Counsel Inc. purchased a new stake in Grindr during the second quarter worth $670,000. 7.22% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on GRND shares. TD Cowen boosted their price objective on shares of Grindr from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. JMP Securities reiterated a “market outperform” rating and set a $17.00 price objective on shares of Grindr in a research note on Monday, July 15th. Finally, Raymond James boosted their price objective on shares of Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, June 27th.

Grindr Price Performance

GRND stock opened at $11.96 on Friday. The firm’s fifty day simple moving average is $11.78 and its 200-day simple moving average is $10.73. The company has a market capitalization of $2.10 billion, a P/E ratio of -66.44 and a beta of 0.35. Grindr Inc. has a 12 month low of $5.32 and a 12 month high of $12.83.

Grindr (NYSE:GRND) last announced its quarterly earnings results 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 firm had revenue of $82.35 million for the quarter, compared to the consensus estimate of $77.40 million. As a group, sell-side analysts forecast that Grindr Inc. will post 0.25 earnings per share for the current year.

Insider Buying and Selling

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

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.