Grindr (NYSE:GRND) Sets New 1-Year High – Still a Buy?

Shares of Grindr Inc. (NYSE:GRND) hit a new 52-week high on Monday . The company traded as high as $17.77 and last traded at $17.46, with a volume of 191428 shares. The stock had previously closed at $17.31.

Analysts Set New Price Targets

Several analysts 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 began coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a research note on Monday, December 16th. Finally, Raymond James increased 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

The stock has a fifty day moving average price of $14.80 and a two-hundred day moving average price of $12.74. The firm has a market capitalization of $3.13 billion, a P/E ratio of -50.63 and a beta of 0.37.

Insider Activity

In related news, Director James Fu Bin Lu sold 195,600 shares of Grindr stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total value of $2,814,684.00. Following the transaction, the director now directly owns 34,977,181 shares in the company, valued at $503,321,634.59. The trade was a 0.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Kye Chen sold 4,964 shares of Grindr 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. The trade was a 3.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,405,870 shares of company stock valued at $36,366,731. 76.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Grindr

A number of hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC bought a new stake in Grindr during the third quarter worth approximately $7,720,000. Marshall Wace LLP lifted its holdings in shares of Grindr by 124.0% during the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock worth $7,685,000 after acquiring an additional 347,626 shares during the period. Federated Hermes Inc. acquired a new stake in Grindr during the second quarter valued at approximately $3,640,000. Discovery Capital Management LLC CT acquired a new stake in Grindr in the 2nd quarter valued at $3,179,000. Finally, Yarra Square Partners LP acquired a new stake in shares of Grindr in the 2nd quarter valued at $3,005,000. 7.22% of the stock is owned by institutional investors and hedge funds.

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.