Sei Investments Co. Lowers Position in Grindr Inc. (NYSE:GRND)

Sei Investments Co. lessened its stake in shares of Grindr Inc. (NYSE:GRND - Free Report) by 36.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,695 shares of the company's stock after selling 14,564 shares during the period. Sei Investments Co.'s holdings in Grindr were worth $458,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC purchased a new position in Grindr in the third quarter valued at approximately $7,720,000. JPMorgan Chase & Co. raised its stake in Grindr by 66.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company's stock valued at $2,772,000 after acquiring an additional 93,005 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Grindr during the fourth quarter worth about $1,649,000. SG Americas Securities LLC increased its stake in shares of Grindr by 140.5% in the fourth quarter. SG Americas Securities LLC now owns 155,893 shares of the company's stock worth $2,781,000 after purchasing an additional 91,077 shares in the last quarter. Finally, Graypoint LLC bought a new stake in shares of Grindr in the fourth quarter valued at approximately $1,211,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Grindr news, insider Zachary Katz sold 3,057 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $18.00, for a total transaction of $55,026.00. Following the completion of the transaction, the insider now owns 577,549 shares of the company's stock, valued at $10,395,882. This represents a 0.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 7,115 shares of company stock valued at $120,997 in the last ninety days. Company insiders own 76.40% of the company's stock.

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Wall Street Analyst Weigh In

A number of brokerages have issued reports on GRND. Citigroup reissued an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. The Goldman Sachs Group started coverage on shares of Grindr in a report on Monday, December 16th. They issued a "buy" rating and a $20.00 price target on the stock. Raymond James reaffirmed an "outperform" rating and issued a $22.00 price target on shares of Grindr in a report on Thursday, March 6th. Finally, JMP Securities reissued a "market outperform" rating and issued a $21.00 price target on shares of Grindr in a report on Thursday, February 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Grindr has a consensus rating of "Buy" and an average target price of $20.00.

Grindr Stock Performance

NYSE:GRND traded up $0.21 during trading hours on Tuesday, reaching $18.37. The company's stock had a trading volume of 95,976 shares, compared to its average volume of 909,987. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of -52.29 and a beta of 0.31. The firm has a 50-day simple moving average of $17.66 and a 200-day simple moving average of $16.18. Grindr Inc. has a 1 year low of $8.95 and a 1 year high of $19.20.

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.