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

BIT Capital GmbH increased its position in shares of Grindr Inc. (NYSE:GRND) by 9.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,989,058 shares of the company’s stock after purchasing an additional 349,189 shares during the period. Grindr comprises about 5.6% of BIT Capital GmbH’s portfolio, making the stock its 3rd largest holding. BIT Capital GmbH’s holdings in Grindr were worth $71,165,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS acquired a new position in shares of Grindr during the fourth quarter valued at about $89,000. R Squared Ltd acquired a new position in Grindr during the 4th quarter valued at about $101,000. Centiva Capital LP acquired a new position in Grindr during the 3rd quarter valued at about $160,000. The Manufacturers Life Insurance Company raised its stake in shares of Grindr by 9.3% in the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock worth $163,000 after purchasing an additional 1,166 shares during the last quarter. Finally, Blueshift Asset Management LLC bought a new position in shares of Grindr in the fourth quarter valued at approximately $195,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Grindr Price Performance

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

Insider Activity at Grindr

In related news, insider Zachary Katz sold 3,058 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total value of $49,631.34. Following the transaction, the insider now owns 613,800 shares in the company, valued at approximately $9,961,974. This represents a 0.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 11,173 shares of company stock worth $187,729. 76.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GRND shares. Citigroup reiterated an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a research note on Thursday, February 6th. Raymond James reissued an “outperform” rating and set a $22.00 price target on shares of Grindr in a research report on Thursday, March 6th. Finally, The Goldman Sachs Group assumed coverage on shares of Grindr in a report on Monday, December 16th. They set a “buy” rating and a $20.00 price target on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grindr presently has an average rating of “Buy” and an average target price of $20.00.

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.