The Manufacturers Life Insurance Company Sells 4,833 Shares of Grindr Inc. (NYSE:GRND)

The Manufacturers Life Insurance Company trimmed its holdings in Grindr Inc. (NYSE:GRND) by 27.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,516 shares of the company’s stock after selling 4,833 shares during the period. The Manufacturers Life Insurance Company’s holdings in Grindr were worth $153,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. GSA Capital Partners LLP bought a new position in Grindr in the 1st quarter valued at $545,000. Susquehanna Fundamental Investments LLC purchased a new position in Grindr during the first quarter worth about $209,000. Vanguard Group Inc. grew its position in Grindr by 5.7% during the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock worth $5,778,000 after buying an additional 30,574 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in 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 acquiring an additional 1,667 shares during the last quarter. Finally, Simplicity Wealth LLC purchased a new stake in shares of Grindr in the 2nd quarter valued at about $303,000. Institutional investors own 7.22% of the company’s stock.

Grindr Stock Performance

Shares of NYSE GRND opened at $12.48 on Friday. The firm’s 50 day moving average price is $12.11 and its 200-day moving average price is $11.07. Grindr Inc. has a 52-week low of $5.71 and a 52-week high of $13.25. The company has a market cap of $2.19 billion, a PE ratio of -69.33 and a beta of 0.35.

Grindr (NYSE:GRND) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.07 earnings per share (EPS) 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 firm had revenue of $82.35 million for the quarter, compared to the consensus estimate of $77.40 million. On average, analysts forecast that Grindr Inc. will post 0.25 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. TD Cowen raised their price target on 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 price objective on shares of Grindr in a research report on Monday, July 15th. Finally, Raymond James boosted their target price on Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, June 27th.

Insider Activity

In other news, CAO Kye Chen sold 4,964 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $11.81, for a total transaction of $58,624.84. Following the sale, the chief accounting officer now directly owns 130,598 shares in the company, valued at $1,542,362.38. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 27,115 shares of company stock valued at $318,994 in the last ninety days. Corporate insiders own 76.40% of the company’s stock.

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.