Skye Global Management LP Boosts Holdings in Grindr Inc. (NYSE:GRND)

Skye Global Management LP increased its holdings in shares of Grindr Inc. (NYSE:GRND) by 23.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 592,000 shares of the company’s stock after purchasing an additional 112,000 shares during the period. Grindr accounts for about 0.2% of Skye Global Management LP’s investment portfolio, making the stock its 26th biggest holding. Skye Global Management LP’s holdings in Grindr were worth $7,063,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of GRND. SG Americas Securities LLC purchased a new stake in shares of Grindr during the second quarter worth approximately $718,000. Yarra Square Partners LP acquired a new stake in shares of Grindr in the 2nd quarter valued at $3,005,000. Federated Hermes Inc. purchased a new stake in shares of Grindr during the 2nd quarter worth $3,640,000. Point72 Asset Management L.P. acquired a new position in shares of Grindr during the second quarter worth $688,000. Finally, Discovery Capital Management LLC CT purchased a new position in Grindr in the second quarter valued at $3,179,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Insider Activity

In related news, insider Zachary Katz sold 3,058 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total transaction of $43,729.40. Following the transaction, the insider now owns 586,722 shares of the company’s stock, valued at $8,390,124.60. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James Fu Bin Lu sold 195,600 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $14.39, for a total value of $2,814,684.00. Following the sale, the director now directly owns 34,977,181 shares of the company’s stock, valued at approximately $503,321,634.59. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 296,549 shares of company stock valued at $4,195,896. 76.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GRND shares. TD Cowen raised their price objective on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Raymond James lifted their price target on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th.

Grindr Stock Performance

NYSE:GRND opened at $15.00 on Friday. Grindr Inc. has a 52-week low of $6.12 and a 52-week high of $15.39. The stock’s 50 day moving average price is $13.34 and its 200 day moving average price is $11.85.

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.