Fort Point Capital Partners LLC Buys 124,740 Shares of Grindr Inc. $GRND

Fort Point Capital Partners LLC increased its position in Grindr Inc. (NYSE:GRND) by 123.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,545 shares of the company’s stock after acquiring an additional 124,740 shares during the quarter. Fort Point Capital Partners LLC owned about 0.12% of Grindr worth $3,388,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GRND. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Grindr by 2.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,878 shares of the company’s stock worth $517,000 after purchasing an additional 762 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Grindr by 41.7% in the second quarter. Ameritas Investment Partners Inc. now owns 3,407 shares of the company’s stock worth $77,000 after purchasing an additional 1,002 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Grindr by 8.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,634 shares of the company’s stock valued at $332,000 after purchasing an additional 1,086 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock valued at $34,000 after purchasing an additional 1,385 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Grindr during the 2nd quarter valued at $39,000. Institutional investors own 7.22% of the company’s stock.

Grindr Price Performance

Shares of NYSE:GRND opened at $11.94 on Monday. The company has a debt-to-equity ratio of 8.00, a quick ratio of 1.96 and a current ratio of 1.96. The firm has a fifty day moving average price of $11.59 and a 200 day moving average price of $13.23. Grindr Inc. has a fifty-two week low of $9.73 and a fifty-two week high of $25.13. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 27.77 and a beta of 0.23.

Analyst Ratings Changes

Several brokerages recently weighed in on GRND. Weiss Ratings raised shares of Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, March 4th. TD Cowen decreased their price target on Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Morgan Stanley started coverage on Grindr in a research report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price objective on the stock. Finally, The Goldman Sachs Group dropped their price objective on Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Grindr has an average rating of “Moderate Buy” and a consensus price target of $18.80.

Insider Buying and Selling

In other Grindr news, major shareholder James Fu Bin Lu sold 475,000 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $10.01, for a total value of $4,754,750.00. Following the sale, the insider owned 18,432,101 shares in the company, valued at $184,505,331.01. The trade was a 2.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 3,559,766 shares of company stock valued at $40,166,264. 67.70% of the stock is owned by insiders.

About Grindr

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.