Emmett Investment Management LP Makes New Investment in Grindr Inc. $GRND

Emmett Investment Management LP acquired a new position in shares of Grindr Inc. (NYSE:GRND) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 309,790 shares of the company’s stock, valued at approximately $3,702,000. Grindr comprises about 2.8% of Emmett Investment Management LP’s holdings, making the stock its 19th biggest holding.

A number of other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Grindr in the fourth quarter valued at $27,441,000. Quinn Opportunity Partners LLC purchased a new position in Grindr during the 4th quarter worth approximately $20,565,000. Blacksheep Fund Management Ltd acquired a new position in Grindr during the fourth quarter worth approximately $16,804,000. Balyasny Asset Management L.P. lifted its stake in Grindr by 442.6% in the third quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company’s stock valued at $14,149,000 after buying an additional 1,217,017 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Grindr in the fourth quarter valued at approximately $15,631,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

Grindr Price Performance

Shares of NYSE GRND opened at $15.50 on Tuesday. The company has a debt-to-equity ratio of 442.30, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a fifty day moving average price of $13.75 and a 200 day moving average price of $12.76. Grindr Inc. has a 1-year low of $9.73 and a 1-year high of $18.69. The company has a market cap of $2.75 billion, a PE ratio of 32.29 and a beta of 0.22.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The company had revenue of $129.94 million during the quarter, compared to the consensus estimate of $119.42 million. Sell-side analysts forecast that Grindr Inc. will post 0.59 EPS for the current year.

Insider Transactions at Grindr

In related news, insider Zachary Katz sold 12,800 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $16.28, for a total transaction of $208,384.00. Following the completion of the transaction, the insider directly owned 713,323 shares of the company’s stock, valued at $11,612,898.44. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,771 shares of company stock worth $531,075 over the last three months. Corporate insiders own 60.90% of the company’s stock.

Analyst Ratings Changes

GRND has been the subject of several research reports. Wall Street Zen upgraded shares of Grindr from a “hold” rating to a “buy” rating in a research report on Sunday, July 5th. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Raymond James Financial reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Grindr in a report on Friday, May 8th. Morgan Stanley upgraded shares of Grindr from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $15.00 to $18.00 in a research note on Wednesday, July 1st. Finally, TD Cowen reissued a “buy” rating on shares of Grindr in a report on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.20.

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.