State Street Corp Sells 116,116 Shares of Grindr Inc. (NYSE:GRND)

State Street Corp lowered its holdings in Grindr Inc. (NYSE:GRND - Free Report) by 15.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 617,334 shares of the company's stock after selling 116,116 shares during the quarter. State Street Corp owned 0.35% of Grindr worth $7,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Quest Partners LLC lifted its holdings in shares of Grindr by 9,055.0% during the 2nd 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. Cornercap Investment Counsel Inc. bought a new position in Grindr in the 2nd quarter worth $670,000. Federated Hermes Inc. purchased a new stake in Grindr in the second quarter worth about $3,640,000. Hsbc Holdings PLC raised its stake in shares of Grindr by 9.5% in the second quarter. Hsbc Holdings PLC now owns 23,632 shares of the company's stock worth $286,000 after buying an additional 2,050 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Grindr in the second quarter worth about $371,000. Institutional investors own 7.22% of the company's stock.

Insider Buying and Selling at Grindr

In other Grindr news, CAO Kye Chen sold 4,964 shares of Grindr stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 130,598 shares of the company's stock, valued at $1,542,362.38. The trade was a 3.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the business's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total transaction of $43,729.40. Following the transaction, the insider now owns 586,722 shares in the company, valued at $8,390,124.60. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,405,870 shares of company stock worth $36,366,731 over the last 90 days. 76.40% of the stock is owned by insiders.

Grindr Stock Performance

Shares of GRND traded down $0.25 during mid-day trading on Friday, hitting $17.92. 1,009,162 shares of the stock were exchanged, compared to its average volume of 561,720. The firm has a 50-day moving average of $15.12 and a two-hundred day moving average of $12.90. Grindr Inc. has a 52-week low of $7.93 and a 52-week high of $18.26. The company has a market cap of $3.16 billion, a PE ratio of -51.20 and a beta of 0.37.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GRND shares. 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. JMP Securities reissued a "market outperform" rating and issued a $21.00 price objective on shares of Grindr in a research note on Monday, December 16th. The Goldman Sachs Group assumed coverage on Grindr in a research note on Monday, December 16th. They issued a "buy" rating and a $20.00 price target for the company. Finally, Raymond James raised their price target on Grindr from $16.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, November 8th.

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.