Victory Capital Management Inc. Makes New Investment in Grindr Inc. (NYSE:GRND)

Victory Capital Management Inc. purchased a new position in shares of Grindr Inc. (NYSE:GRND) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,870 shares of the company’s stock, valued at approximately $321,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GRND. Price T Rowe Associates Inc. MD increased 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 valued at $120,000 after purchasing an additional 1,667 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Grindr by 9.5% in the second quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock valued at $286,000 after purchasing an additional 2,050 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of Grindr in the third quarter valued at $27,000. Bleakley Financial Group LLC increased its holdings in shares of Grindr by 9.6% in the third quarter. Bleakley Financial Group LLC now owns 27,188 shares of the company’s stock valued at $324,000 after purchasing an additional 2,371 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Grindr by 10.5% in the third quarter. SG Americas Securities LLC now owns 64,816 shares of the company’s stock valued at $773,000 after purchasing an additional 6,168 shares during the last quarter. 7.22% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. TD Cowen upped their price objective on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Raymond James upped their price target 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.

Grindr Stock Performance

GRND stock opened at $15.09 on Friday. The company’s 50-day simple moving average is $13.39 and its 200 day simple moving average is $11.87. Grindr Inc. has a 52 week low of $6.62 and a 52 week high of $15.44. The company has a market capitalization of $2.67 billion, a PE ratio of -43.14 and a beta of 0.33.

Insider Activity at Grindr

In other Grindr news, CAO Kye Chen sold 16,187 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $11.68, for a total transaction of $189,064.16. Following the sale, the chief accounting officer now directly owns 138,604 shares in the company, valued at $1,618,894.72. This represents a 10.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Fu Bin Lu sold 195,600 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total transaction of $2,814,684.00. Following the sale, the director now owns 34,977,181 shares in the company, valued at $503,321,634.59. The trade was a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 296,549 shares of company stock worth $4,195,896. Corporate insiders own 76.40% of the company’s stock.

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.