nVerses Capital LLC Buys New Position in Grindr Inc. (NYSE:GRND)

nVerses Capital LLC purchased a new position in shares of Grindr Inc. (NYSE:GRND) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,300 shares of the company’s stock, valued at approximately $27,000.

Other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Grindr in the second quarter valued at about $718,000. Yarra Square Partners LP acquired a new position in Grindr in the 2nd quarter valued at about $3,005,000. Federated Hermes Inc. purchased a new stake in Grindr during the 2nd quarter valued at approximately $3,640,000. Point72 Asset Management L.P. acquired a new stake in Grindr during the 2nd quarter worth approximately $688,000. Finally, Discovery Capital Management LLC CT purchased a new position in shares of Grindr in the 2nd quarter valued at approximately $3,179,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Grindr Price Performance

GRND opened at $13.15 on Thursday. Grindr Inc. has a 12 month low of $5.71 and a 12 month high of $13.90. The stock has a market capitalization of $2.31 billion, a P/E ratio of -73.06 and a beta of 0.35. The business has a 50 day simple moving average of $12.17 and a 200-day simple moving average of $11.11.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GRND. JMP Securities restated a “market outperform” rating and set a $17.00 price target on shares of Grindr in a research note on Monday, July 15th. Raymond James upped their price objective 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. Finally, TD Cowen lifted their target price on shares of Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, June 27th.

Insider Activity at Grindr

In other Grindr news, CAO Kye Chen sold 4,964 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $11.81, for a total transaction of $58,624.84. Following the transaction, the chief accounting officer now directly owns 130,598 shares in the company, valued at approximately $1,542,362.38. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 27,115 shares of company stock worth $318,994 over the last 90 days. Company insiders own 76.40% of the company’s stock.

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.