Emmett Investment Management LP Sells 49,800 Shares of Grindr Inc. $GRND

Emmett Investment Management LP lowered its stake in Grindr Inc. (NYSE:GRND) by 27.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 132,285 shares of the company’s stock after selling 49,800 shares during the quarter. Grindr comprises approximately 1.4% of Emmett Investment Management LP’s holdings, making the stock its 22nd largest holding. Emmett Investment Management LP owned 0.07% of Grindr worth $1,968,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in Grindr by 1,473.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Grindr in the second quarter valued at about $39,000. Aster Capital Management DIFC Ltd boosted its holdings in Grindr by 190.7% during the third quarter. Aster Capital Management DIFC Ltd now owns 3,793 shares of the company’s stock worth $57,000 after buying an additional 2,488 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in Grindr by 41.7% during the second quarter. Ameritas Investment Partners Inc. now owns 3,407 shares of the company’s stock worth $77,000 after buying an additional 1,002 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of Grindr during the 3rd quarter worth about $97,000. 7.22% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Grindr news, major shareholder James Fu Bin Lu sold 475,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $10.01, for a total transaction of $4,754,750.00. Following the sale, the insider directly owned 18,432,101 shares in the company, valued at approximately $184,505,331.01. This trade represents a 2.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 3,559,766 shares of company stock worth $40,166,264. Company insiders own 67.70% of the company’s stock.

Grindr Trading Down 1.9%

NYSE:GRND opened at $11.94 on Friday. Grindr Inc. has a fifty-two week low of $9.73 and a fifty-two week high of $25.13. The company has a debt-to-equity ratio of 8.00, a current ratio of 1.96 and a quick ratio of 1.96. The stock has a market capitalization of $2.21 billion, a PE ratio of 27.77 and a beta of 0.23. The business’s 50-day simple moving average is $11.59 and its 200-day simple moving average is $13.24.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GRND shares. Morgan Stanley assumed coverage on Grindr in a research note on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price target for the company. TD Cowen reduced their price objective on shares of Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Weiss Ratings raised shares of Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, March 4th. Finally, The Goldman Sachs Group reduced their price target on shares of Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Grindr currently has a consensus rating of “Moderate Buy” and an average target price of $18.80.

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.