Algert Global LLC Takes $830,000 Position in Grindr Inc. (NYSE:GRND)

Algert Global LLC purchased a new position in shares of Grindr Inc. (NYSE:GRND - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 69,610 shares of the company's stock, valued at approximately $830,000.

Several other hedge funds have also made changes to their positions in the business. Marshall Wace LLP lifted its position in shares of Grindr by 124.0% during the second quarter. Marshall Wace LLP now owns 627,879 shares of the company's stock worth $7,685,000 after purchasing an additional 347,626 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Grindr by 5.7% during the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company's stock worth $5,778,000 after buying an additional 30,574 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Grindr during the second quarter worth approximately $3,640,000. Squarepoint Ops LLC increased its stake in shares of Grindr by 264.4% during the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company's stock worth $3,192,000 after buying an additional 189,237 shares during the period. Finally, Discovery Capital Management LLC CT purchased a new stake in shares of Grindr during the second quarter worth approximately $3,179,000. Institutional investors and hedge funds own 7.22% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GRND. TD Cowen upped their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Raymond James upped their target price on shares of Grindr from $16.00 to $19.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th.

Insider Buying and Selling at Grindr

In other Grindr news, CAO Kye Chen sold 16,187 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $11.68, for a total value of $189,064.16. Following the transaction, the chief accounting officer now directly owns 138,604 shares in the company, valued at $1,618,894.72. This represents a 10.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vandana Mehta-Krantz sold 60,776 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were 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 in the company, valued at $10,319,180.54. This represents a 7.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 296,549 shares of company stock worth $4,195,896 over the last three months. Insiders own 76.40% of the company's stock.

Grindr Stock Up 0.6 %

Grindr stock traded up $0.09 during mid-day trading on Friday, hitting $15.09. The company had a trading volume of 380,824 shares, compared to its average volume of 529,917. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of -43.11 and a beta of 0.33. Grindr Inc. has a 1 year low of $6.62 and a 1 year high of $15.44. The business has a fifty day moving average of $13.45 and a 200 day moving average of $11.90.

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.