Graypoint LLC Invests $1.21 Million in Grindr Inc. (NYSE:GRND)

Graypoint LLC acquired a new position in Grindr Inc. (NYSE:GRND) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 67,899 shares of the company’s stock, valued at approximately $1,211,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GRND. Lord Abbett & CO. LLC purchased a new position in shares of Grindr in the 3rd quarter worth about $7,720,000. Marshall Wace LLP boosted its holdings in Grindr by 124.0% during the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after acquiring an additional 347,626 shares during the period. Federated Hermes Inc. purchased a new stake in Grindr during the 2nd quarter valued at about $3,640,000. Discovery Capital Management LLC CT purchased a new stake in Grindr during the 2nd quarter valued at about $3,179,000. Finally, Yarra Square Partners LP purchased a new stake in Grindr during the 2nd quarter valued at about $3,005,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Grindr

In related news, CFO Vandana Mehta-Krantz sold 60,776 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $14.29, for a total transaction of $868,489.04. Following the completion of the transaction, the chief financial officer now owns 722,126 shares of the company’s stock, valued at $10,319,180.54. This trade represents a 7.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Fu Bin Lu sold 195,600 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $14.39, for a total value of $2,814,684.00. Following the transaction, the director now directly owns 34,977,181 shares of the company’s stock, valued at approximately $503,321,634.59. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,395,942 shares of company stock valued at $36,249,481. Corporate insiders own 76.40% of the company’s stock.

Grindr Stock Performance

Shares of NYSE:GRND opened at $16.72 on Friday. Grindr Inc. has a 52-week low of $7.93 and a 52-week high of $18.42. The firm has a market capitalization of $2.95 billion, a P/E ratio of -47.77 and a beta of 0.31. The stock has a 50 day moving average price of $15.91 and a 200-day moving average price of $13.38.

Analyst Ratings Changes

Several equities research analysts recently weighed in on GRND shares. Raymond James increased their target price on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, November 8th. TD Cowen increased their target price on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group initiated coverage on Grindr in a report on Monday, December 16th. They set a “buy” rating and a $20.00 target price for the company. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Grindr in a research report on Monday, December 16th.

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.