Grindr Inc. (NYSE:GRND) Director James Fu Bin Lu Sells 692,211 Shares

Grindr Inc. (NYSE:GRND) Director James Fu Bin Lu sold 692,211 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $15.37, for a total transaction of $10,639,283.07. Following the transaction, the director now directly owns 32,968,400 shares of the company’s stock, valued at approximately $506,724,308. This trade represents a 2.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

James Fu Bin Lu also recently made the following trade(s):

• On Monday, December 2nd, James Fu Bin Lu sold 683,297 shares of Grindr stock. The shares were sold at an average price of $15.17, for a total value of $10,365,615.49.
• On Wednesday, November 13th, James Fu Bin Lu sold 195,600 shares of Grindr stock. The shares were sold at an average price of $14.39, for a total value of $2,814,684.00.

Grindr Price Performance

GRND traded up $0.83 on Friday, hitting $15.94. The company had a trading volume of 596,475 shares, compared to its average volume of 540,053. The stock has a fifty day simple moving average of $13.70 and a 200-day simple moving average of $12.05. The firm has a market capitalization of $2.81 billion, a P/E ratio of -43.20 and a beta of 0.37. Grindr Inc. has a 52-week low of $7.62 and a 52-week high of $15.98.

Hedge Funds Weigh In On Grindr

A number of institutional investors have recently added to or reduced their stakes in GRND. Marshall Wace LLP boosted its holdings in shares of Grindr by 124.0% during the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after buying an additional 347,626 shares in the last quarter. Federated Hermes Inc. purchased a new position in Grindr during the 2nd quarter valued at about $3,640,000. Discovery Capital Management LLC CT bought a new stake in Grindr during the second quarter worth about $3,179,000. Yarra Square Partners LP purchased a new stake in Grindr in the second quarter worth about $3,005,000. Finally, Squarepoint Ops LLC increased its stake in shares of Grindr by 264.4% during the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock valued at $3,192,000 after purchasing an additional 189,237 shares in the last quarter. Institutional investors own 7.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GRND. Raymond James boosted their target price on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. TD Cowen boosted their price objective on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

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.