Grindr Inc. (NYSE:GRND) Shares Acquired by BIT Capital GmbH

BIT Capital GmbH boosted its holdings in shares of Grindr Inc. (NYSE:GRND) by 9.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,989,058 shares of the company’s stock after purchasing an additional 349,189 shares during the period. Grindr comprises approximately 5.6% of BIT Capital GmbH’s investment portfolio, making the stock its 3rd biggest position. BIT Capital GmbH owned 2.26% of Grindr worth $71,165,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Lord Abbett & CO. LLC bought a new stake in shares of Grindr during the 3rd quarter valued at approximately $7,720,000. Point72 Asset Management L.P. boosted its position in Grindr by 219.9% in the third quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock valued at $2,145,000 after buying an additional 123,600 shares in the last quarter. Skye Global Management LP grew its stake in shares of Grindr by 23.3% during the third quarter. Skye Global Management LP now owns 592,000 shares of the company’s stock worth $7,063,000 after buying an additional 112,000 shares during the last quarter. Anthracite Investment Company Inc. acquired a new position in shares of Grindr during the fourth quarter worth $1,802,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Grindr by 66.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock valued at $2,772,000 after acquiring an additional 93,005 shares during the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Raymond James restated an “outperform” rating and set a $22.00 price objective on shares of Grindr in a research report on Thursday, March 6th. Citigroup restated an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. The Goldman Sachs Group started coverage on shares of Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Grindr in a report on Thursday, February 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $20.00.

Grindr Price Performance

Shares of GRND opened at $17.86 on Thursday. The business has a 50-day moving average of $17.60 and a 200-day moving average of $15.58. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of -51.03 and a beta of 0.30. Grindr Inc. has a 1 year low of $8.95 and a 1 year high of $19.20.

Insider Buying and Selling at Grindr

In other Grindr news, insider Zachary Katz sold 3,058 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total transaction of $49,631.34. Following the completion of the sale, the insider now directly owns 613,800 shares in the company, valued at approximately $9,961,974. This trade represents a 0.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 11,173 shares of company stock valued at $187,729. 76.40% of the stock is currently owned by company insiders.

Grindr Profile

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.