Skye Global Management LP Raises Holdings in Grindr Inc. (NYSE:GRND)

Skye Global Management LP raised its holdings in shares of Grindr Inc. (NYSE:GRND - Free Report) by 23.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 592,000 shares of the company's stock after buying an additional 112,000 shares during the period. Grindr comprises approximately 0.2% of Skye Global Management LP's investment portfolio, making the stock its 26th biggest position. Skye Global Management LP owned 0.34% of Grindr worth $7,063,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of GRND. Marshall Wace LLP lifted its stake in shares of Grindr by 124.0% during the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company's stock worth $7,685,000 after acquiring an additional 347,626 shares during the last quarter. Vanguard Group Inc. lifted its position 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 purchasing an additional 30,574 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of Grindr during the second quarter valued at $3,640,000. Squarepoint Ops LLC grew its holdings in shares of Grindr by 264.4% in the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company's stock worth $3,192,000 after purchasing an additional 189,237 shares during the last quarter. Finally, Discovery Capital Management LLC CT purchased a new position in Grindr in the 2nd quarter worth about $3,179,000. Institutional investors own 7.22% of the company's stock.

Insider Activity at Grindr

In other Grindr news, CAO Kye Chen sold 16,187 shares of the firm's stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 138,604 shares of the company's stock, valued at approximately $1,618,894.72. This trade represents a 10.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Nathan Richardson sold 5,234 shares of Grindr stock in a transaction on Friday, November 8th. The stock was sold at an average price of $15.00, for a total transaction of $78,510.00. Following the sale, the director now owns 27,408 shares of the company's stock, valued at $411,120. The trade was a 16.03 % 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 valued at $4,195,896 in the last ninety days. Corporate insiders own 76.40% of the company's stock.

Analysts Set New Price Targets

GRND has been the subject of several research reports. Raymond James boosted their price objective on shares of Grindr from $16.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. TD Cowen increased their price objective on Grindr from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th.

Grindr Trading Up 0.6 %

Shares of GRND stock traded up $0.09 during trading hours on Friday, reaching $15.09. 380,824 shares of the company's stock were exchanged, compared to its average volume of 529,917. The company has a market cap of $2.67 billion, a price-to-earnings ratio of -43.14 and a beta of 0.33. Grindr Inc. has a fifty-two week low of $6.62 and a fifty-two week high of $15.44. The stock's 50 day moving average is $13.39 and its 200-day moving average is $11.87.

Grindr Company 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.