Lord Abbett & CO. LLC Acquires Shares of 647,100 Grindr Inc. (NYSE:GRND)

Lord Abbett & CO. LLC bought a new stake in Grindr Inc. (NYSE:GRND - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 647,100 shares of the company's stock, valued at approximately $7,720,000. Lord Abbett & CO. LLC owned 0.37% of Grindr as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of GRND. Barclays PLC grew its stake in Grindr by 106.8% during the third quarter. Barclays PLC now owns 72,580 shares of the company's stock worth $865,000 after buying an additional 37,477 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Grindr by 7.5% during the third quarter. Geode Capital Management LLC now owns 514,520 shares of the company's stock worth $6,139,000 after buying an additional 36,001 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new position in Grindr in the 3rd quarter worth about $278,000. Petrus Trust Company LTA raised its position in Grindr by 330.7% in the third quarter. Petrus Trust Company LTA now owns 60,312 shares of the company's stock valued at $720,000 after purchasing an additional 46,309 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in Grindr by 219.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company's stock valued at $2,145,000 after buying an additional 123,600 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on GRND. JMP Securities reiterated a "market outperform" rating and set a $21.00 price target on shares of Grindr in a report on Monday. TD Cowen boosted their price objective on Grindr from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Raymond James lifted their price objective on shares of Grindr from $16.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Finally, The Goldman Sachs Group started coverage on shares of Grindr in a report on Monday. They set a "buy" rating and a $20.00 price objective on the stock.

Insider Transactions at Grindr

In other Grindr news, Director James Fu Bin Lu sold 750,000 shares of the firm'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 trade represents a 2.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Kye Chen sold 4,964 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $11.81, for a total transaction of $58,624.84. Following the transaction, the chief accounting officer now owns 130,598 shares in the company, valued at $1,542,362.38. The trade was a 3.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,405,870 shares of company stock worth $36,366,731 in the last 90 days. Insiders own 76.40% of the company's stock.

Grindr Price Performance

Shares of NYSE GRND traded down $0.12 during trading on Tuesday, hitting $16.80. The stock had a trading volume of 1,341,398 shares, compared to its average volume of 546,662. Grindr Inc. has a 12 month low of $7.83 and a 12 month high of $17.33. The company has a market capitalization of $2.97 billion, a PE ratio of -48.00 and a beta of 0.37. The firm has a fifty day moving average of $14.35 and a two-hundred day moving average of $12.47.

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.