Neo Ivy Capital Management Takes $1.31 Million Position in Grindr Inc. $GRND

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

A number of other large investors have also bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its stake 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 buying an additional 1,385 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Grindr during the second quarter worth $39,000. Aster Capital Management DIFC Ltd increased its position in shares of 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 acquiring an additional 2,488 shares in the last quarter. Huntington National Bank acquired a new stake in shares of Grindr during the second quarter worth $64,000. Finally, Ameritas Investment Partners Inc. raised its holdings in shares of 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 acquiring an additional 1,002 shares during the period. 7.22% of the stock is owned by institutional investors.

Insider Activity at Grindr

In other news, major shareholder James Fu Bin Lu sold 600,000 shares of the business’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $10.07, for a total transaction of $6,042,000.00. Following the transaction, the insider directly owned 18,907,101 shares in the company, valued at $190,394,507.07. The trade was a 3.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 3,559,766 shares of company stock valued at $40,166,264. Company insiders own 67.70% of the company’s stock.

Grindr Price Performance

Shares of GRND opened at $11.64 on Friday. The company has a current ratio of 1.96, a quick ratio of 0.82 and a debt-to-equity ratio of 8.00. The company’s fifty day simple moving average is $11.73 and its 200 day simple moving average is $13.37. Grindr Inc. has a 1-year low of $9.73 and a 1-year high of $25.13. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 27.07 and a beta of 0.23.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. TD Cowen reduced their target price on shares of Grindr from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. 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 on the stock. Weiss Ratings upgraded Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday. Citizens Jmp reduced their price objective on Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 10th. Finally, The Goldman Sachs Group decreased 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. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.80.

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.