Grindr Inc. (NYSE:GRND) Sees Large Drop in Short Interest

Grindr Inc. (NYSE:GRND) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 3,610,000 shares, a decline of 70.4% from the February 13th total of 12,190,000 shares. Currently, 8.7% of the shares of the stock are short sold. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is currently 2.7 days.

Grindr Trading Down 2.1 %

Grindr stock traded down $0.34 during midday trading on Thursday, hitting $16.18. The stock had a trading volume of 913,185 shares, compared to its average volume of 1,567,131. The business has a fifty day moving average price of $17.59 and a 200 day moving average price of $15.21. Grindr has a 12 month low of $8.95 and a 12 month high of $19.20. The stock has a market cap of $2.86 billion, a P/E ratio of -46.21 and a beta of 0.30.

Wall Street Analyst Weigh In

GRND has been the topic of several recent analyst reports. Raymond James reaffirmed an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Grindr in a report on Thursday, February 6th. The Goldman Sachs Group assumed coverage on shares of Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Citigroup reiterated an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Grindr has a consensus rating of “Buy” and an average price target of $19.75.

Insider Activity at Grindr

In other Grindr news, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $16.40, for a total transaction of $50,151.20. Following the transaction, the insider now owns 580,606 shares of the company’s stock, valued at $9,521,938.40. This represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In the last quarter, insiders sold 7,115 shares of company stock valued at $121,757. 76.40% 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 company. Bank of New York Mellon Corp increased its stake in Grindr by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company’s stock valued at $944,000 after purchasing an additional 623 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Grindr by 31.9% in the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock valued at $47,000 after buying an additional 642 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Grindr by 9.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock valued at $163,000 after buying an additional 1,166 shares during the last quarter. Bleakley Financial Group LLC raised its stake in Grindr by 5.6% during the fourth quarter. Bleakley Financial Group LLC now owns 28,712 shares of the company’s stock worth $512,000 after acquiring an additional 1,524 shares during the period. Finally, Savant Capital LLC lifted its holdings in Grindr by 9.6% in the fourth quarter. Savant Capital LLC now owns 19,325 shares of the company’s stock worth $345,000 after acquiring an additional 1,689 shares during the last quarter. 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.