Lord Abbett & CO. LLC Buys Shares of 647,100 Grindr Inc. (NYSE:GRND)

Lord Abbett & CO. LLC bought a new position in Grindr Inc. (NYSE:GRND) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 647,100 shares of the company’s stock, valued at approximately $7,720,000. Lord Abbett & CO. LLC owned 0.37% of Grindr as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GRND. nVerses Capital LLC acquired a new stake in Grindr during the 3rd quarter worth $27,000. Point72 DIFC Ltd bought a new stake in shares of Grindr in the second quarter worth about $136,000. Price T Rowe Associates Inc. MD raised its position in shares of Grindr by 16.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after purchasing an additional 1,667 shares during the period. Quest Partners LLC lifted its holdings in shares of Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock valued at $157,000 after purchasing an additional 12,677 shares in the last quarter. Finally, Centiva Capital LP acquired a new position in shares of Grindr in the 3rd quarter valued at approximately $160,000. 7.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GRND has been the topic of several research analyst reports. Raymond James raised their target price on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JMP Securities restated a “market outperform” rating and set a $21.00 price objective on shares of Grindr in a report on Monday. The Goldman Sachs Group initiated coverage on shares of Grindr in a research note on Monday. They issued a “buy” rating and a $20.00 target price for the company. Finally, TD Cowen lifted their price target on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th.

Grindr Stock Up 7.5 %

NYSE GRND opened at $16.92 on Tuesday. Grindr Inc. has a 12-month low of $7.83 and a 12-month high of $17.33. The firm’s 50 day moving average is $14.27 and its 200-day moving average is $12.41. The company has a market capitalization of $2.99 billion, a PE ratio of -48.34 and a beta of 0.37.

Insider Buying and Selling at Grindr

In other Grindr news, Director James Fu Bin Lu sold 195,600 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total value of $2,814,684.00. Following the completion of the transaction, the director now directly owns 34,977,181 shares in the company, valued at $503,321,634.59. This trade represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Kye Chen sold 4,964 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $11.81, for a total value 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 represents a 3.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,405,870 shares of company stock worth $36,366,731. 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.