Grindr Inc. (NYSE:GRND) Short Interest Update

Grindr Inc. (NYSE:GRND) saw a significant decline in short interest during the month of May. As of May 31st, there was short interest totalling 3,200,000 shares, a decline of 6.4% from the May 15th total of 3,420,000 shares. Approximately 16.6% of the company’s stock are sold short. Based on an average trading volume of 414,600 shares, the days-to-cover ratio is currently 7.7 days.

Analysts Set New Price Targets

A number of research firms have weighed in on GRND. TD Cowen began coverage on shares of Grindr in a report on Thursday, March 28th. They set a “buy” rating and a $12.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and set a $14.00 price objective on shares of Grindr in a report on Monday, April 22nd. Finally, Raymond James began coverage on shares of Grindr in a report on Thursday, April 4th. They set an “outperform” rating and a $14.00 price objective on the stock.

Insider Buying and Selling

In related news, Director James Fu Bin Lu sold 11,270 shares of Grindr stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $10.00, for a total value of $112,700.00. Following the completion of the transaction, the director now owns 11,562 shares in the company, valued at $115,620. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 1,694,533 shares of company stock worth $16,305,259 over the last 90 days. 78.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Grindr

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Grindr by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock valued at $5,778,000 after purchasing an additional 30,574 shares during the last quarter. Alta Fox Capital Management LLC acquired a new position in Grindr in the 3rd quarter valued at about $1,162,000. Park West Asset Management LLC acquired a new position in Grindr in the 4th quarter valued at about $1,652,000. Jump Financial LLC acquired a new position in Grindr in the 4th quarter valued at about $617,000. Finally, GSA Capital Partners LLP acquired a new position in Grindr in the 1st quarter valued at about $545,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Grindr Stock Performance

GRND remained flat at $9.92 during trading on Tuesday. 121,379 shares of the company’s stock traded hands, compared to its average volume of 439,710. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 13.21. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -54.83 and a beta of 0.28. The business has a fifty day moving average of $9.79 and a 200-day moving average of $9.18. Grindr has a 12 month low of $4.49 and a 12 month high of $11.13.

Grindr (NYSE:GRND) last issued its earnings results on Thursday, May 9th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The company had revenue of $75.35 million for the quarter, compared to analyst estimates of $72.60 million. Grindr had a negative net margin of 11.56% and a positive return on equity of 3,761.31%. During the same period in the previous year, the firm earned ($0.19) EPS.

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.