Neo Ivy Capital Management Acquires Shares of 87,192 Grindr Inc. $GRND

Neo Ivy Capital Management bought a new position in shares of Grindr Inc. (NYSE:GRND) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 87,192 shares of the company’s stock, valued at approximately $1,310,000.

A number of other institutional investors have also made changes to their positions in GRND. AQR Capital Management LLC raised its stake in Grindr by 289.1% in the 1st quarter. AQR Capital Management LLC now owns 88,134 shares of the company’s stock valued at $1,578,000 after acquiring an additional 65,485 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Grindr by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock worth $517,000 after purchasing an additional 762 shares during the period. Teacher Retirement System of Texas bought a new position in Grindr during the second quarter worth $415,000. Bank of New York Mellon Corp increased its holdings in shares of Grindr by 551.1% in the second quarter. Bank of New York Mellon Corp now owns 351,571 shares of the company’s stock valued at $7,981,000 after purchasing an additional 297,573 shares during the last quarter. Finally, Huntington National Bank acquired a new position in shares of Grindr in the second quarter valued at $64,000. 7.22% of the stock is owned by institutional investors and hedge funds.

Grindr Trading Up 0.1%

Shares of Grindr stock opened at $11.64 on Friday. The firm has a 50-day moving average of $11.73 and a 200-day moving average of $13.37. The stock has a market cap of $2.15 billion, a PE ratio of 27.07 and a beta of 0.23. Grindr Inc. has a 52-week low of $9.73 and a 52-week high of $25.13. The company has a debt-to-equity ratio of 8.00, a quick ratio of 0.82 and a current ratio of 1.96.

Insiders Place Their Bets

In other Grindr news, major shareholder James Fu Bin Lu sold 475,000 shares of Grindr stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $10.01, for a total value of $4,754,750.00. Following the completion of the sale, the insider owned 18,432,101 shares in the company, valued at $184,505,331.01. The trade was a 2.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 3,559,766 shares of company stock valued at $40,166,264. 67.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Morgan Stanley started coverage on shares of Grindr in a research note on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 target price for the company. TD Cowen lowered their price target on shares of Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Citizens Jmp cut their price objective on shares of Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 10th. The Goldman Sachs Group reduced their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Finally, Weiss Ratings raised Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $18.80.

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.