Lord Abbett & CO. LLC Increases Stock Holdings in Grindr Inc. (NYSE:GRND)

Lord Abbett & CO. LLC increased its stake in Grindr Inc. (NYSE:GRND - Free Report) by 50.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 974,308 shares of the company's stock after buying an additional 327,208 shares during the period. Lord Abbett & CO. LLC owned 0.55% of Grindr worth $17,382,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in GRND. Barclays PLC increased its position in shares of Grindr by 106.8% during the 3rd quarter. Barclays PLC now owns 72,580 shares of the company's stock valued at $865,000 after purchasing an additional 37,477 shares during the last quarter. Geode Capital Management LLC raised its position in Grindr by 7.5% in the third quarter. Geode Capital Management LLC now owns 514,520 shares of the company's stock worth $6,139,000 after acquiring an additional 36,001 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Grindr during the 3rd quarter worth $365,000. JPMorgan Chase & Co. grew its position in shares of Grindr by 66.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company's stock valued at $2,772,000 after acquiring an additional 93,005 shares during the period. Finally, Graypoint LLC purchased a new position in shares of Grindr during the 4th quarter valued at about $1,211,000. Hedge funds and other institutional investors own 7.22% of the company's stock.

Insiders Place Their Bets

In related news, insider Zachary Katz sold 3,058 shares of the 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 sale, the insider now directly owns 613,800 shares of the company's stock, valued at approximately $9,961,974. This represents a 0.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 8,115 shares of company stock valued at $139,397. Company insiders own 76.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. JMP Securities restated a "market outperform" rating and issued a $24.00 price objective on shares of Grindr in a research report on Monday, April 21st. Citigroup reaffirmed an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. Finally, Raymond James reissued an "outperform" rating and issued a $22.00 target price on shares of Grindr in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $20.75.

Grindr Stock Performance

NYSE:GRND traded up $0.27 during midday trading on Thursday, reaching $22.24. 1,674,441 shares of the stock traded hands, compared to its average volume of 976,355. The stock has a market capitalization of $4.63 billion, a PE ratio of -63.55 and a beta of 0.31. Grindr Inc. has a 12-month low of $8.95 and a 12-month high of $22.62. The business has a 50-day moving average of $18.17 and a two-hundred day moving average of $16.80.

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.