Point72 Asset Management L.P. Acquires 123,600 Shares of Grindr Inc. (NYSE:GRND)

Point72 Asset Management L.P. raised its stake in Grindr Inc. (NYSE:GRND) by 219.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 179,800 shares of the company’s stock after acquiring an additional 123,600 shares during the period. Point72 Asset Management L.P. owned about 0.10% of Grindr worth $2,145,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in Grindr during the second quarter worth about $718,000. Yarra Square Partners LP acquired a new stake in shares of Grindr in the 2nd quarter valued at approximately $3,005,000. Federated Hermes Inc. bought a new position in Grindr during the 2nd quarter worth approximately $3,640,000. Algert Global LLC acquired a new stake in Grindr in the third quarter worth $830,000. Finally, Discovery Capital Management LLC CT bought a new position in shares of Grindr during the second quarter worth $3,179,000. Institutional investors own 7.22% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GRND shares. Raymond James lifted their price objective on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, November 8th. TD Cowen raised their price objective on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th.

Grindr Trading Down 2.8 %

Grindr stock opened at $15.50 on Tuesday. Grindr Inc. has a 1-year low of $7.83 and a 1-year high of $16.31. The company has a fifty day simple moving average of $13.85 and a 200 day simple moving average of $12.18. The company has a market cap of $2.74 billion, a P/E ratio of -44.29 and a beta of 0.37.

Insider Activity

In other news, insider Zachary Katz sold 3,058 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was 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 approximately $8,390,124.60. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Kye Chen sold 4,964 shares of Grindr stock in a transaction dated Monday, October 7th. The stock was 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 owns 130,598 shares of the company’s stock, valued at $1,542,362.38. This trade represents a 3.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,655,870 shares of company stock worth $25,011,731 in the last quarter. Corporate insiders own 76.40% of the company’s stock.

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.