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Point72 Asset Management L.P. Acquires 123,600 Shares of Grindr Inc. (NYSE:GRND)

Grindr logo with Computer and Technology background

Point72 Asset Management L.P. increased its position in Grindr Inc. (NYSE:GRND - Free Report) by 219.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 179,800 shares of the company's stock after acquiring an additional 123,600 shares during the quarter. Point72 Asset Management L.P. owned about 0.10% of Grindr worth $2,145,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GRND. nVerses Capital LLC bought a new stake in shares of Grindr in the third quarter valued at approximately $27,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Grindr by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company's stock worth $120,000 after acquiring an additional 1,667 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Grindr during the 2nd quarter valued at $136,000. Quest Partners LLC increased its position in shares of Grindr by 9,055.0% during the second quarter. Quest Partners LLC now owns 12,817 shares of the company's stock valued at $157,000 after buying an additional 12,677 shares during the period. Finally, Centiva Capital LP purchased a new stake in shares of Grindr in the third quarter worth $160,000. 7.22% of the stock is currently owned by institutional investors.

Grindr Trading Up 1.1 %

Shares of GRND traded up $0.17 during midday trading on Tuesday, reaching $15.67. The stock had a trading volume of 190,648 shares, compared to its average volume of 538,267. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -44.29 and a beta of 0.37. Grindr Inc. has a 12-month low of $7.83 and a 12-month high of $16.31. The company's 50-day moving average is $13.85 and its 200 day moving average is $12.18.

Insiders Place Their Bets

In other news, Director Nathan Richardson sold 5,234 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.00, for a total value of $78,510.00. Following the completion of the sale, the director now owns 27,408 shares of the company's stock, valued at approximately $411,120. The trade was a 16.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Kye Chen sold 4,964 shares of the firm's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $11.81, for a total value of $58,624.84. Following the transaction, the chief accounting officer now owns 130,598 shares in the company, valued at approximately $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 sold a total of 1,655,870 shares of company stock valued at $25,011,731 over the last quarter. 76.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Raymond James upped their target price on Grindr from $16.00 to $19.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. TD Cowen boosted their price target 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.

Check Out Our Latest Research Report on GRND

Grindr Profile

(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.

Further Reading

Institutional Ownership by Quarter for Grindr (NYSE:GRND)

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