Federated Hermes Inc. Invests $3.64 Million in Grindr Inc. (NYSE:GRND)

Federated Hermes Inc. purchased a new stake in shares of Grindr Inc. (NYSE:GRND) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 297,391 shares of the company’s stock, valued at approximately $3,640,000.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in shares of Grindr by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after buying an additional 1,667 shares during the last quarter. Quest Partners LLC boosted its holdings in Grindr by 9,055.0% in the second quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock valued at $157,000 after acquiring an additional 12,677 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Grindr during the 1st quarter valued at $209,000. Simplicity Wealth LLC bought a new position in Grindr in the 2nd quarter worth $303,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Grindr in the 1st quarter worth about $545,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analyst Upgrades and Downgrades

GRND has been the topic of several research analyst reports. TD Cowen boosted their price target on shares of Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. JMP Securities reiterated a “market outperform” rating and set a $17.00 target price on shares of Grindr in a report on Monday, July 15th. Finally, Raymond James raised their target price on Grindr from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, June 27th.

Insider Activity at Grindr

In other Grindr news, CEO George Arison sold 2,931 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $10.00, for a total value of $29,310.00. Following the sale, the chief executive officer now directly owns 3,022,666 shares of the company’s stock, valued at $30,226,660. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Grindr news, CEO George Arison sold 2,931 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $10.00, for a total transaction of $29,310.00. Following the completion of the sale, the chief executive officer now directly owns 3,022,666 shares in the company, valued at approximately $30,226,660. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Kye Chen sold 16,187 shares of Grindr stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $11.68, for a total transaction of $189,064.16. Following the completion of the transaction, the chief accounting officer now directly owns 138,604 shares of the company’s stock, valued at $1,618,894.72. The disclosure for this sale can be found here. 76.40% of the stock is owned by corporate insiders.

Grindr Price Performance

Shares of Grindr stock opened at $12.41 on Friday. Grindr Inc. has a 1 year low of $5.32 and a 1 year high of $12.83. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -69.27 and a beta of 0.35. The company has a 50-day moving average of $11.78 and a 200 day moving average of $10.68.

Grindr (NYSE:GRND) last announced its earnings results on Thursday, August 8th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. Grindr had a negative net margin of 25.67% and a negative return on equity of 234.28%. The business had revenue of $82.35 million during the quarter, compared to the consensus estimate of $77.40 million. On average, equities analysts anticipate that Grindr Inc. will post 0.25 EPS for the current year.

About Grindr

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.