Bank of New York Mellon Corp Grows Stake in Grindr Inc. (NYSE:GRND)

Bank of New York Mellon Corp boosted its position in shares of Grindr Inc. (NYSE:GRND) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 52,887 shares of the company’s stock after purchasing an additional 623 shares during the quarter. Bank of New York Mellon Corp’s holdings in Grindr were worth $944,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of Grindr by 66.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock worth $2,772,000 after buying an additional 93,005 shares in the last quarter. Point72 Asset Management L.P. raised its position in Grindr by 219.9% during the third quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock worth $2,145,000 after acquiring an additional 123,600 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Grindr by 10.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company’s stock worth $2,287,000 after acquiring an additional 17,678 shares during the last quarter. Graypoint LLC purchased a new stake in shares of Grindr in the fourth quarter valued at about $1,211,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Grindr in the third quarter valued at approximately $365,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity

In related 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 in the company, valued at approximately $10,395,882. The trade was a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 11,173 shares of company stock valued at $187,729 over the last quarter. Company insiders own 76.40% of the company’s stock.

Grindr Stock Performance

GRND stock opened at $18.16 on Wednesday. Grindr Inc. has a one year low of $8.95 and a one year high of $19.20. The stock has a market capitalization of $3.78 billion, a P/E ratio of -51.89 and a beta of 0.30. The company has a 50 day moving average price of $17.58 and a two-hundred day moving average price of $15.56.

About Grindr

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.