Renaissance Technologies LLC Sells 84,000 Shares of Grindr Inc. $GRND

Renaissance Technologies LLC lowered its stake in shares of Grindr Inc. (NYSE:GRND) by 83.4% in the first 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 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in Grindr by 77.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,396,122 shares of the company’s stock valued at $16,881,000 after acquiring an additional 610,111 shares during the period. SPX Gestao de Recursos Ltda raised its holdings in Grindr by 13.4% in the 1st quarter. SPX Gestao de Recursos Ltda now owns 455,800 shares of the company’s stock valued at $5,511,000 after acquiring an additional 54,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Grindr by 5.0% in the 1st quarter. Bank of New York Mellon Corp now owns 113,388 shares of the company’s stock worth $1,371,000 after acquiring an additional 5,429 shares during the period. Abel Hall LLC bought a new stake in shares of Grindr in the 1st quarter worth approximately $175,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Grindr during the 4th quarter worth approximately $45,000. Institutional investors own 7.22% of the company’s stock.

Analyst Upgrades and Downgrades

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

Grindr Price Performance

Shares of GRND stock opened at $15.61 on Thursday. The stock’s fifty day simple moving average is $15.28 and its 200 day simple moving average is $13.27. 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 firm has a market cap of $2.71 billion, a price-to-earnings ratio of 31.21 and a beta of 0.20. Grindr Inc. has a one year low of $9.73 and a one 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 for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). The company had revenue of $138.14 million during the quarter, compared to the consensus estimate of $132.50 million. Grindr had a net margin of 18.75% and a return on equity of 357.13%. On average, analysts expect that Grindr Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Zachary Katz sold 12,979 shares of Grindr stock in a transaction dated 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 directly owned 690,172 shares of the company’s stock, valued at $12,347,177.08. This trade represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 48,750 shares of company stock worth $763,270. Company insiders own 60.90% of the company’s stock.

Grindr 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.