Grindr Inc. (NYSE:GRND) Short Interest Update

Grindr Inc. (NYSE:GRND) was the recipient of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 5,110,000 shares, a decrease of 16.0% from the November 30th total of 6,080,000 shares. Based on an average daily trading volume, of 648,300 shares, the short-interest ratio is currently 7.9 days. Currently, 19.6% of the shares of the stock are short sold.

Grindr Trading Down 1.4 %

NYSE:GRND traded down $0.25 on Friday, reaching $17.92. 1,009,162 shares of the stock traded hands, compared to its average volume of 561,720. Grindr has a 1-year low of $7.93 and a 1-year high of $18.26. The company’s 50 day moving average is $15.12 and its 200-day moving average is $12.90. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of -51.20 and a beta of 0.37.

Wall Street Analysts Forecast Growth

GRND has been the topic of several research reports. TD Cowen lifted their price target on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 target price on shares of Grindr in a research note on Monday, December 16th. Raymond James upped their price target on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group began coverage on Grindr in a report on Monday, December 16th. They set a “buy” rating and a $20.00 price objective on the stock.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total value of $43,729.40. Following the transaction, the insider now owns 586,722 shares in the company, valued at approximately $8,390,124.60. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Fu Bin Lu sold 750,000 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total value of $11,355,000.00. Following the sale, the director now owns 31,540,655 shares of the company’s stock, valued at approximately $477,525,516.70. This represents a 2.32 % 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 over the last ninety days. Corporate insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

A number of institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC bought a new stake in shares of Grindr during the 3rd quarter valued at about $7,720,000. Marshall Wace LLP lifted its stake in Grindr by 124.0% in the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after buying an additional 347,626 shares during the period. Skye Global Management LP boosted its holdings in shares of 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 buying an additional 112,000 shares in the last quarter. Geode Capital Management LLC grew its position 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 during the period. Finally, Federated Hermes Inc. bought a new stake in shares of Grindr in the 2nd quarter valued at $3,640,000. 7.22% of the stock is owned by 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.