Federated Hermes Inc. Raises Position in Grindr Inc. (NYSE:GRND)

Federated Hermes Inc. raised its stake in shares of Grindr Inc. (NYSE:GRND - Free Report) by 101.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 866,058 shares of the company's stock after purchasing an additional 435,748 shares during the period. Federated Hermes Inc. owned 0.49% of Grindr worth $15,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its holdings in shares of Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock valued at $47,000 after purchasing an additional 642 shares during the period. Wells Fargo & Company MN lifted its position in shares of Grindr by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 11,472 shares of the company's stock valued at $205,000 after buying an additional 3,911 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new stake in Grindr during the fourth quarter valued at approximately $2,712,000. Schroder Investment Management Group purchased a new stake in shares of Grindr during the 4th quarter valued at $212,000. Finally, Norges Bank purchased a new position in Grindr during the 4th quarter worth $6,035,000. Institutional investors own 7.22% of the company's stock.

Grindr Price Performance

GRND traded up $0.52 during trading hours on Tuesday, reaching $18.68. The company's stock had a trading volume of 302,613 shares, compared to its average volume of 910,825. Grindr Inc. has a fifty-two week low of $8.95 and a fifty-two week high of $19.20. The stock has a market cap of $3.89 billion, a PE ratio of -53.39 and a beta of 0.31. The business's 50-day moving average is $17.66 and its 200-day moving average is $16.18.

Insider Activity at Grindr

In other news, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.23, for a total transaction of $49,631.34. Following the completion of the sale, the insider now directly owns 613,800 shares of the company's stock, valued at approximately $9,961,974. The trade was a 0.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 7,115 shares of company stock worth $120,997. Insiders own 76.40% of the company's stock.

Analyst Upgrades and Downgrades

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

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.