Geode Capital Management LLC Acquires 36,001 Shares of Grindr Inc. (NYSE:GRND)

Geode Capital Management LLC grew its holdings in Grindr Inc. (NYSE:GRND) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 514,520 shares of the company’s stock after purchasing an additional 36,001 shares during the period. Geode Capital Management LLC owned about 0.29% of Grindr worth $6,139,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Marshall Wace LLP boosted its position in shares of Grindr by 124.0% during the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after buying an additional 347,626 shares during the last quarter. Federated Hermes Inc. bought a new position in Grindr during the 2nd quarter valued at about $3,640,000. Discovery Capital Management LLC CT purchased a new stake in shares of Grindr during the 2nd quarter valued at about $3,179,000. Yarra Square Partners LP bought a new stake in shares of Grindr in the second quarter worth approximately $3,005,000. Finally, Squarepoint Ops LLC raised its holdings in shares of Grindr by 264.4% during the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock valued at $3,192,000 after purchasing an additional 189,237 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. TD Cowen raised their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. 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 on the stock. Raymond James lifted their price objective on Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, JMP Securities reissued a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a report on Monday, December 16th.

Insider Transactions at Grindr

In other Grindr news, CAO Kye Chen sold 4,964 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 130,598 shares in the company, valued at approximately $1,542,362.38. This trade represents a 3.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Fu Bin Lu sold 750,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the completion of the transaction, the director now owns 31,540,655 shares of the company’s stock, valued at approximately $477,525,516.70. The trade was a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,405,870 shares of company stock worth $36,366,731 in the last three months. Corporate insiders own 76.40% of the company’s stock.

Grindr Trading Up 0.1 %

GRND opened at $17.96 on Friday. The firm’s 50 day simple moving average is $15.60 and its two-hundred day simple moving average is $13.17. The company has a market capitalization of $3.17 billion, a PE ratio of -51.31 and a beta of 0.37. Grindr Inc. has a 1-year low of $7.93 and a 1-year high of $18.42.

Grindr Company 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.