Grindr (NYSE:GRND) Hits New 1-Year High – Here’s What Happened

Grindr Inc. (NYSE:GRND) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.26 and last traded at $18.18, with a volume of 246352 shares traded. The stock had previously closed at $17.92.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GRND shares. TD Cowen raised their price objective on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group started coverage on shares of Grindr in a research report on Monday, December 16th. They issued a “buy” rating and a $20.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price objective on shares of Grindr in a research report on Monday, December 16th. Finally, Raymond James lifted their target price on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, November 8th.

Grindr Stock Performance

The company’s 50-day moving average price is $15.12 and its 200-day moving average price is $12.93. The firm has a market capitalization of $3.22 billion, a PE ratio of -52.09 and a beta of 0.37.

Insider Buying and Selling

In other Grindr news, Director James Fu Bin Lu sold 195,600 shares of Grindr stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total transaction of $2,814,684.00. Following the transaction, the director now owns 34,977,181 shares of the company’s stock, valued at $503,321,634.59. The trade was a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Kye Chen sold 4,964 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $11.81, for a total transaction of $58,624.84. Following the transaction, the chief accounting officer now owns 130,598 shares in the company, valued at approximately $1,542,362.38. This trade represents a 3.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,405,870 shares of company stock worth $36,366,731 in the last ninety days. 76.40% of the stock is owned by corporate insiders.

Institutional Trading of Grindr

Hedge funds have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC acquired a new position in shares of Grindr during the third quarter worth about $7,720,000. Marshall Wace LLP boosted its holdings in Grindr by 124.0% in the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after purchasing an additional 347,626 shares in the last quarter. Skye Global Management LP increased its position in Grindr by 23.3% during the 3rd quarter. Skye Global Management LP now owns 592,000 shares of the company’s stock worth $7,063,000 after purchasing an additional 112,000 shares during the period. Geode Capital Management LLC raised its stake in shares of Grindr by 7.5% during the 3rd quarter. Geode Capital Management LLC now owns 514,520 shares of the company’s stock worth $6,139,000 after buying an additional 36,001 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new stake in shares of Grindr in the 2nd quarter valued at approximately $3,640,000. 7.22% of the stock is owned by institutional investors and hedge funds.

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.