Bwcp LP Makes New Investment in Grindr Inc. (NYSE:GRND)
Bwcp LP has acquired a new stake in Grindr Inc. (NYSE:GRND), purchasing 677,592 shares valued at approximately $12.1 million, representing 2.6% of its portfolio. Other institutional investors, including JPMorgan Chase and Geode Capital Management, have also increased their stakes. Grindr's stock has received positive ratings from analysts, with a consensus price target of $20.75. The company's shares opened at $22.24, with a market cap of $4.63 billion and a 52-week range of $8.95 to $22.54.
Bwcp LP bought a new stake in Grindr Inc. (NYSE:GRND - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 677,592 shares of the company's stock, valued at approximately $12,088,000. Grindr accounts for approximately 2.6% of Bwcp LP's portfolio, making the stock its 21st biggest position. Bwcp LP owned approximately 0.38% of Grindr at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of Grindr by 66.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company's stock worth $2,772,000 after purchasing an additional 93,005 shares during the period. Graypoint LLC purchased a new position in Grindr during the fourth quarter worth about $1,211,000. Principal Financial Group Inc. acquired a new stake in shares of Grindr in the third quarter worth approximately $365,000. Geode Capital Management LLC grew its stake in shares of Grindr by 7.5% during the 3rd quarter. Geode Capital Management LLC now owns 514,520 shares of the company's stock valued at $6,139,000 after buying an additional 36,001 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Grindr by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company's stock worth $944,000 after purchasing an additional 623 shares during the period. 7.22% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
GRND has been the topic of a number of recent research reports. JMP Securities restated a "market outperform" rating and set a $24.00 price objective on shares of Grindr in a research note on Monday, April 21st. Raymond James restated an "outperform" rating and issued a $22.00 target price on shares of Grindr in a research note on Thursday, March 6th. Finally, Citigroup restated an "outperform" rating on shares of Grindr in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Grindr presently has an average rating of "Buy" and a consensus price target of $20.75.
Get Our Latest Report on Grindr
Insider Buying and Selling at Grindr
In other news, insider Zachary Katz sold 3,057 shares of the stock in a transaction 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 transaction, the insider now owns 577,549 shares in the company, valued at approximately $10,395,882. This represents a 0.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 8,115 shares of company stock worth $139,397 over the last three months. Corporate insiders own 76.40% of the company's stock.
Grindr Stock Performance
Shares of GRND opened at $22.24 on Friday. The company's 50 day moving average price is $18.23 and its 200 day moving average price is $16.86. The company has a market capitalization of $4.63 billion, a PE ratio of -63.55 and a beta of 0.31. Grindr Inc. has a 52 week low of $8.95 and a 52 week high of $22.54.
Grindr Profile
(Free Report)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.
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