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

Point72 Asset Management L.P. boosted its stake in Grindr Inc. (NYSE:GRND) by 219.9% in the third quarter, HoldingsChannel.com reports. The firm owned 179,800 shares of the company’s stock after buying an additional 123,600 shares during the period. Point72 Asset Management L.P.’s holdings in Grindr were worth $2,145,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in Grindr during the second quarter valued at $718,000. Yarra Square Partners LP acquired a new position in shares of Grindr during the second quarter worth approximately $3,005,000. Federated Hermes Inc. bought a new position in shares of Grindr in the second quarter valued at $3,640,000. Algert Global LLC bought a new position in Grindr in the 3rd quarter valued at about $830,000. Finally, Discovery Capital Management LLC CT bought a new position in shares of Grindr in the second quarter valued at approximately $3,179,000. 7.22% of the stock is currently owned by institutional investors.

Grindr Price Performance

Shares of NYSE:GRND opened at $15.50 on Tuesday. The firm has a fifty day moving average price of $13.85 and a two-hundred day moving average price of $12.18. Grindr Inc. has a one year low of $7.83 and a one year high of $16.31. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -44.29 and a beta of 0.37.

Insider Transactions at Grindr

In other Grindr news, Director Nathan Richardson sold 5,234 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.00, for a total value of $78,510.00. Following the completion of the sale, the director now owns 27,408 shares of the company’s stock, valued at $411,120. This represents a 16.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kye Chen sold 4,964 shares of Grindr stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $11.81, for a total transaction of $58,624.84. Following the transaction, the chief accounting officer now directly owns 130,598 shares in the company, valued at $1,542,362.38. This trade represents a 3.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,655,870 shares of company stock valued at $25,011,731. 76.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GRND has been the subject of a number of recent analyst reports. Raymond James upped their price objective on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. TD Cowen increased their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th.

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.