Hsbc Holdings PLC Acquires 18,600 Shares of Grindr Inc. (NYSE:GRND)

Hsbc Holdings PLC lifted its position in shares of Grindr Inc. (NYSE:GRND - Free Report) by 41.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 63,637 shares of the company's stock after buying an additional 18,600 shares during the quarter. Hsbc Holdings PLC's holdings in Grindr were worth $1,143,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its position in shares of Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after purchasing an additional 642 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Grindr during the fourth quarter worth $89,000. R Squared Ltd bought a new position in Grindr during the fourth quarter valued at approximately $101,000. Polymer Capital Management HK LTD bought a new stake in shares of Grindr in the 4th quarter valued at approximately $178,000. Finally, Blueshift Asset Management LLC bought a new position in shares of Grindr during the 4th quarter valued at approximately $195,000. Institutional investors own 7.22% of the company's stock.

Grindr Stock Up 2.8 %

GRND traded up $0.66 on Wednesday, reaching $24.02. 1,445,422 shares of the company traded hands, compared to its average volume of 999,145. The company has a market cap of $5.00 billion, a P/E ratio of -68.63 and a beta of 0.28. Grindr Inc. has a one year low of $8.95 and a one year high of $24.36. The firm has a fifty day simple moving average of $18.53 and a two-hundred day simple moving average of $17.11.

Analysts Set New Price Targets

Several research firms have commented on GRND. JMP Securities reaffirmed a "market outperform" rating and set a $24.00 price objective on shares of Grindr in a research note on Monday, April 21st. Raymond James reiterated an "outperform" rating and set a $22.00 price target on shares of Grindr in a report on Thursday, March 6th. Finally, Citigroup reissued an "outperform" rating on shares of Grindr in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Grindr currently has a consensus rating of "Buy" and a consensus price target of $20.75.

Insider Activity

In other news, insider Zachary Katz sold 3,058 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total transaction of $49,631.34. Following the transaction, the insider now owns 613,800 shares in the company, valued at approximately $9,961,974. This trade represents a 0.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 8,115 shares of company stock valued at $139,397. Corporate insiders own 76.40% of the company's stock.

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.