Grindr (NYSE:GRND) Trading 2.2% Higher – Still a Buy?

Grindr Inc. (NYSE:GRND) shot up 2.2% on Friday . The company traded as high as $17.28 and last traded at $17.39. 168,019 shares were traded during trading, a decline of 79% from the average session volume of 788,020 shares. The stock had previously closed at $17.02.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GRND. Citigroup reissued an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a research note on Thursday, February 6th. Raymond James reaffirmed an “outperform” rating and issued a $22.00 price target on shares of Grindr in a research note on Thursday, March 6th. Finally, The Goldman Sachs Group initiated coverage on Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price target on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Grindr currently has an average rating of “Buy” and an average target price of $20.00.

Grindr Trading Up 1.8 %

The stock has a 50 day simple moving average of $17.51 and a 200 day simple moving average of $15.45. The firm has a market capitalization of $3.61 billion, a PE ratio of -49.51 and a beta of 0.30.

Insider Activity

In other news, insider Zachary Katz sold 3,057 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $18.00, for a total transaction of $55,026.00. Following the transaction, the insider now directly owns 577,549 shares of the company’s stock, valued at approximately $10,395,882. The trade was a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 11,173 shares of company stock valued at $187,729. Company insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Several hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System raised its holdings in Grindr by 1,277.8% in the fourth quarter. California State Teachers Retirement System now owns 24,511 shares of the company’s stock worth $437,000 after purchasing an additional 22,732 shares in the last quarter. PharVision Advisers LLC bought a new position in Grindr in the fourth quarter worth $248,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Grindr in the fourth quarter worth $884,000. Voloridge Investment Management LLC raised its holdings in Grindr by 251.8% in the fourth quarter. Voloridge Investment Management LLC now owns 451,000 shares of the company’s stock worth $8,046,000 after purchasing an additional 322,792 shares in the last quarter. Finally, Woodline Partners LP bought a new position in Grindr in the fourth quarter worth $7,436,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.