Sei Investments Co. Buys New Holdings in Grindr Inc. (NYSE:GRND)

Sei Investments Co. purchased a new position in Grindr Inc. (NYSE:GRND) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 39,428 shares of the company’s stock, valued at approximately $483,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GRND. Park West Asset Management LLC purchased a new position in shares of Grindr in the fourth quarter worth $1,652,000. SG Americas Securities LLC bought a new stake in Grindr in the 2nd quarter valued at $718,000. Federated Hermes Inc. purchased a new stake in Grindr in the 2nd quarter worth $3,640,000. GSA Capital Partners LLP purchased a new stake in Grindr in the 1st quarter worth $545,000. Finally, Cornercap Investment Counsel Inc. bought a new position in shares of Grindr during the 2nd quarter valued at about $670,000. 7.22% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Transactions at Grindr

In other news, CAO Kye Chen sold 16,187 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $11.68, for a total transaction of $189,064.16. Following the transaction, the chief accounting officer now owns 138,604 shares of the company’s stock, valued at approximately $1,618,894.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 26,115 shares of company stock worth $306,314. 76.40% of the stock is currently owned by company insiders.

Grindr Stock Down 1.2 %

Shares of NYSE:GRND opened at $12.77 on Thursday. The firm has a fifty day simple moving average of $11.89 and a two-hundred day simple moving average of $10.94. Grindr Inc. has a 52 week low of $5.71 and a 52 week high of $13.25. The stock has a market capitalization of $2.25 billion, a P/E ratio of -70.91 and a beta of 0.35.

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