Sellaronda Global Management LP Invests $10.70 Million in Grindr Inc. (NYSE:GRND)

Sellaronda Global Management LP purchased a new stake in Grindr Inc. (NYSE:GRND) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 600,000 shares of the company’s stock, valued at approximately $10,704,000. Grindr accounts for approximately 10.8% of Sellaronda Global Management LP’s investment portfolio, making the stock its 4th biggest position. Sellaronda Global Management LP owned 0.34% of Grindr as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GRND. Legal & General Group Plc lifted its stake in Grindr by 721.8% during the fourth quarter. Legal & General Group Plc now owns 22,673 shares of the company’s stock valued at $404,000 after buying an additional 19,914 shares in the last quarter. Polymer Capital Management HK LTD purchased a new stake in shares of Grindr in the 4th quarter valued at approximately $178,000. Federated Hermes Inc. boosted its stake in Grindr by 101.3% in the 4th quarter. Federated Hermes Inc. now owns 866,058 shares of the company’s stock worth $15,450,000 after purchasing an additional 435,748 shares during the period. 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 in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Grindr by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 11,472 shares of the company’s stock valued at $205,000 after purchasing an additional 3,911 shares during the period. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GRND. Citigroup reiterated an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. The Goldman Sachs Group initiated coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price objective for the company. Raymond James reiterated an “outperform” rating and issued a $22.00 target price on shares of Grindr in a report on Thursday, March 6th. Finally, JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Grindr in a report on Thursday, February 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $20.00.

Insider Transactions at Grindr

In other Grindr news, insider Zachary Katz sold 3,057 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total value of $55,026.00. Following the completion of the sale, the insider now directly owns 577,549 shares of the company’s stock, valued at $10,395,882. The trade was a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 11,173 shares of company stock valued at $187,729 in the last three months. Corporate insiders own 76.40% of the company’s stock.

Grindr Trading Down 1.0 %

GRND opened at $17.01 on Tuesday. The stock has a fifty day moving average price of $17.71 and a 200 day moving average price of $15.94. Grindr Inc. has a 1 year low of $8.95 and a 1 year high of $19.20. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of -48.59 and a beta of 0.31.

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.