Geode Capital Management LLC increased its stake in shares of Grindr Inc. (NYSE:GRND - Free Report) by 7.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 514,520 shares of the company's stock after purchasing an additional 36,001 shares during the quarter. Geode Capital Management LLC owned approximately 0.29% of Grindr worth $6,139,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of Grindr during the third quarter worth $27,000. Point72 DIFC Ltd acquired a new position in Grindr in the 2nd quarter worth about $136,000. Quest Partners LLC raised its position in Grindr by 9,055.0% in the second quarter. Quest Partners LLC now owns 12,817 shares of the company's stock valued at $157,000 after purchasing an additional 12,677 shares during the last quarter. Centiva Capital LP acquired a new stake in shares of Grindr during the third quarter valued at about $160,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Grindr by 9.3% during the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company's stock valued at $163,000 after purchasing an additional 1,166 shares in the last quarter. Institutional investors own 7.22% of the company's stock.
Grindr Stock Up 0.1 %
Grindr stock traded up $0.01 during mid-day trading on Friday, hitting $17.96. 772,722 shares of the stock were exchanged, compared to its average volume of 842,211. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -51.31 and a beta of 0.37. Grindr Inc. has a 12 month low of $7.93 and a 12 month high of $18.42. The firm's fifty day simple moving average is $15.60 and its two-hundred day simple moving average is $13.19.
Insider Transactions at Grindr
In related news, Director James Fu Bin Lu sold 750,000 shares of the company's stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the sale, the director now owns 31,540,655 shares in the company, valued at $477,525,516.70. This represents a 2.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Zachary Katz sold 3,058 shares of the firm's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total value of $43,729.40. Following the sale, the insider now directly owns 586,722 shares of the company's stock, valued at $8,390,124.60. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,405,870 shares of company stock worth $36,366,731 over the last three months. 76.40% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on the company. 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 objective for the company. TD Cowen raised their price target on shares of Grindr from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. JMP Securities reiterated a "market outperform" rating and set a $21.00 price target on shares of Grindr in a report on Monday, December 16th. Finally, Raymond James increased their price objective on Grindr from $16.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, November 8th.
Get Our Latest Stock Analysis on Grindr
About Grindr
(
Free Report)
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.
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