Graypoint LLC Acquires New Stake in Grindr Inc. (NYSE:GRND)

Graypoint LLC bought a new stake in shares of Grindr Inc. (NYSE:GRND) during the 4th quarter, HoldingsChannel reports. The firm bought 67,899 shares of the company’s stock, valued at approximately $1,211,000.

Other institutional investors have also added to or reduced their stakes in the company. nVerses Capital LLC purchased a new stake in Grindr during the 3rd quarter valued at $27,000. Point72 DIFC Ltd purchased a new position in shares of Grindr in the 2nd quarter worth $136,000. Quest Partners LLC boosted its stake in shares of Grindr by 9,055.0% in the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after buying an additional 12,677 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Grindr in the 3rd quarter worth $160,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Grindr by 9.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock worth $163,000 after buying an additional 1,166 shares during the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Grindr Stock Performance

Shares of Grindr stock opened at $16.72 on Friday. Grindr Inc. has a one year low of $7.93 and a one year high of $18.42. The stock’s fifty day moving average is $15.91 and its 200 day moving average is $13.38. The stock has a market cap of $2.95 billion, a P/E ratio of -47.77 and a beta of 0.31.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GRND. JMP Securities restated a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a research note on Monday, December 16th. The Goldman Sachs Group began coverage on Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price target on the stock. Raymond James raised their price target on Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, TD Cowen raised their price target on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Insider Buying and Selling

In other Grindr news, CFO Vandana Mehta-Krantz sold 60,776 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.29, for a total transaction of $868,489.04. Following the sale, the chief financial officer now directly owns 722,126 shares of the company’s stock, valued at $10,319,180.54. This trade represents a 7.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Fu Bin Lu sold 692,211 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $15.37, for a total value of $10,639,283.07. Following the sale, the director now directly owns 32,968,400 shares in the company, valued at approximately $506,724,308. This represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,395,942 shares of company stock valued at $36,249,481. 76.40% of the stock is 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.