Emmett Investment Management LP Makes New $3.70 Million Investment in Grindr Inc. $GRND

Emmett Investment Management LP purchased a new position in shares of Grindr Inc. (NYSE:GRND) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 309,790 shares of the company’s stock, valued at approximately $3,702,000. Grindr accounts for about 2.8% of Emmett Investment Management LP’s portfolio, making the stock its 19th largest holding. Emmett Investment Management LP owned 0.17% of Grindr as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in Grindr by 1,473.4% in the 2nd 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. purchased a new position in Grindr in the second quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd acquired a new stake in Grindr during the third quarter worth $26,000. CWM LLC increased its stake in Grindr by 713.8% during the fourth quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $40,000 after acquiring an additional 2,584 shares during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in Grindr in the fourth quarter valued at $45,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Grindr

In other news, insider Zachary Katz sold 12,800 shares of Grindr stock in a transaction on 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 sale, the insider directly owned 713,323 shares of the company’s stock, valued at approximately $11,612,898.44. The trade was a 1.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 35,771 shares of company stock valued at $531,075. 60.90% of the stock is currently owned by company insiders.

Grindr Stock Performance

Shares of Grindr stock opened at $15.50 on Tuesday. Grindr Inc. has a one year low of $9.73 and a one 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. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.32 and a current ratio of 1.32. The business has a 50-day simple moving average of $13.75 and a 200-day simple moving average of $12.76.

Grindr (NYSE:GRND) last issued its earnings results on Thursday, May 7th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The firm had revenue of $129.94 million for the quarter, compared to analysts’ expectations of $119.42 million. On average, equities research analysts forecast that Grindr Inc. will post 0.59 EPS for the current fiscal year.

About Grindr

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.