Fort Point Capital Partners LLC Purchases 124,740 Shares of Grindr Inc. $GRND

Fort Point Capital Partners LLC raised its position in shares of Grindr Inc. (NYSE:GRND) by 123.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 225,545 shares of the company’s stock after purchasing an additional 124,740 shares during the quarter. Fort Point Capital Partners LLC’s holdings in Grindr were worth $3,388,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Alliancebernstein L.P. boosted its position in shares of Grindr by 5.3% during the 3rd quarter. Alliancebernstein L.P. now owns 53,368 shares of the company’s stock valued at $802,000 after acquiring an additional 2,678 shares during the last quarter. Man Group plc raised its stake in Grindr by 19.8% during the third quarter. Man Group plc now owns 146,745 shares of the company’s stock valued at $2,204,000 after purchasing an additional 24,239 shares in the last quarter. California State Teachers Retirement System lifted its position in Grindr by 47.1% during the third quarter. California State Teachers Retirement System now owns 36,493 shares of the company’s stock valued at $548,000 after purchasing an additional 11,679 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Grindr by 21.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,352 shares of the company’s stock worth $291,000 after buying an additional 3,425 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in shares of Grindr by 442.6% in the 3rd quarter. Balyasny Asset Management L.P. now owns 942,017 shares of the company’s stock worth $14,149,000 after buying an additional 1,217,017 shares in the last quarter. 7.22% of the stock is owned by hedge funds and other institutional investors.

Grindr Trading Down 1.9%

GRND stock opened at $11.94 on Monday. Grindr Inc. has a twelve month low of $9.73 and a twelve month high of $25.13. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 27.77 and a beta of 0.23. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 8.00. The firm’s fifty day simple moving average is $11.59 and its two-hundred day simple moving average is $13.23.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Morgan Stanley began coverage on shares of Grindr in a research report on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 target price on the stock. The Goldman Sachs Group dropped their price target on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. TD Cowen reduced their price objective on Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Finally, Weiss Ratings upgraded Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, March 4th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Grindr has an average rating of “Moderate Buy” and a consensus target price of $18.80.

Insider Activity at Grindr

In related news, major shareholder James Fu Bin Lu sold 600,000 shares of the company’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $10.07, for a total transaction of $6,042,000.00. Following the transaction, the insider directly owned 18,907,101 shares in the company, valued at approximately $190,394,507.07. This represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 3,559,766 shares of company stock worth $40,166,264. 67.70% of the stock is currently owned by insiders.

Grindr Company Profile

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.