PDT Partners LLC Makes New $225,000 Investment in Grindr Inc. (NYSE:GRND)

PDT Partners LLC bought a new position in Grindr Inc. (NYSE:GRND) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,901 shares of the company’s stock, valued at approximately $225,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Verition Fund Management LLC lifted its position in Grindr by 17.8% in the third quarter. Verition Fund Management LLC now owns 75,158 shares of the company’s stock worth $897,000 after purchasing an additional 11,381 shares during the period. Skye Global Management LP lifted its position in Grindr by 23.3% in the third quarter. Skye Global Management LP now owns 592,000 shares of the company’s stock worth $7,063,000 after purchasing an additional 112,000 shares during the period. Quantbot Technologies LP lifted its position in Grindr by 262.2% in the third quarter. Quantbot Technologies LP now owns 54,785 shares of the company’s stock worth $654,000 after purchasing an additional 39,660 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Grindr by 9.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock valued at $163,000 after acquiring an additional 1,166 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Grindr during the 3rd quarter valued at $801,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Stock Up 0.7 %

GRND opened at $15.40 on Thursday. The stock has a fifty day moving average of $13.58 and a 200-day moving average of $12.01. The firm has a market capitalization of $2.72 billion, a P/E ratio of -44.00 and a beta of 0.37. Grindr Inc. has a 12-month low of $7.03 and a 12-month high of $15.52.

Insider Activity

In other news, Director James Fu Bin Lu sold 683,297 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $15.17, for a total value of $10,365,615.49. Following the completion of the sale, the director now owns 33,027,338 shares in the company, valued at $501,024,717.46. This represents a 2.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the completion of the sale, the insider now owns 586,722 shares of the company’s stock, valued at $8,390,124.60. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 979,846 shares of company stock worth $14,561,512 over the last quarter. Corporate insiders own 76.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GRND. TD Cowen increased their price objective on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Raymond James increased their price objective on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, November 8th.

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.