The Manufacturers Life Insurance Company Boosts Stock Position in Grindr Inc. (NYSE:GRND)

The Manufacturers Life Insurance Company lifted its position in Grindr Inc. (NYSE:GRND) by 9.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,682 shares of the company’s stock after purchasing an additional 1,166 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Grindr were worth $163,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new position in shares of Grindr in the 3rd quarter worth about $801,000. Algert Global LLC purchased a new stake in Grindr during the 3rd quarter valued at about $830,000. Charles Schwab Investment Management Inc. boosted its holdings in Grindr by 10.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company’s stock valued at $2,287,000 after acquiring an additional 17,678 shares during the period. Quest Partners LLC boosted its holdings in Grindr by 277.4% during the 3rd quarter. Quest Partners LLC now owns 48,375 shares of the company’s stock valued at $577,000 after acquiring an additional 35,558 shares during the period. Finally, Victory Capital Management Inc. purchased a new stake in Grindr during the 3rd quarter valued at about $321,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Grindr Stock Up 7.5 %

Grindr stock opened at $16.92 on Tuesday. The company has a market capitalization of $2.99 billion, a P/E ratio of -48.34 and a beta of 0.37. The stock’s 50 day moving average is $14.27 and its 200 day moving average is $12.41. Grindr Inc. has a twelve month low of $7.83 and a twelve month high of $17.33.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GRND shares. The Goldman Sachs Group started coverage on Grindr in a report on Monday. They set a “buy” rating and a $20.00 target price for the company. Raymond James upped their price target on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Grindr in a research report on Monday. Finally, TD Cowen upped their price target on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Insider Activity

In other Grindr news, CAO Kye Chen sold 4,964 shares of the business’s 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 sale, the chief accounting officer now directly owns 130,598 shares in the company, valued at approximately $1,542,362.38. The trade was a 3.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 sale, the insider now owns 586,722 shares of the company’s stock, valued at approximately $8,390,124.60. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,405,870 shares of company stock valued at $36,366,731 over the last ninety days. 76.40% of the stock is currently owned by corporate insiders.

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.