Polymer Capital Management HK LTD Buys New Stake in Grindr Inc. (NYSE:GRND)

Polymer Capital Management HK LTD purchased a new position in Grindr Inc. (NYSE:GRND) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,000 shares of the company’s stock, valued at approximately $178,000.

Other large investors have also made changes to their positions in the company. Russell Investments Group Ltd. grew its position in Grindr by 31.9% during the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after purchasing an additional 642 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Grindr during the fourth quarter valued at $89,000. R Squared Ltd acquired a new position in shares of Grindr in the 4th quarter valued at $101,000. Blueshift Asset Management LLC acquired a new position in shares of Grindr in the 4th quarter valued at $195,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Grindr in the 4th quarter worth $201,000. 7.22% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $16.40, for a total value of $50,151.20. Following the sale, the insider now owns 580,606 shares of the company’s stock, valued at $9,521,938.40. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders have sold 11,173 shares of company stock valued at $187,729. 76.40% of the stock is owned by corporate insiders.

Grindr Stock Down 5.0 %

NYSE:GRND opened at $17.22 on Monday. Grindr Inc. has a 52 week low of $8.95 and a 52 week high of $19.20. The company has a fifty day simple moving average of $17.73 and a two-hundred day simple moving average of $15.90. The company has a market cap of $3.59 billion, a price-to-earnings ratio of -49.21 and a beta of 0.31.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. The Goldman Sachs Group began coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price target on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 target price on shares of Grindr in a report on Thursday, February 6th. Citigroup reissued an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. Finally, Raymond James reaffirmed an “outperform” rating and set a $22.00 price objective on shares of Grindr in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $20.00.

Grindr 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.