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

Grindr Inc. (NYSE:GRND) hit a new 52-week high on Wednesday . The company traded as high as $18.51 and last traded at $18.50, with a volume of 2154073 shares changing hands. The stock had previously closed at $18.00.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price target on the stock. Raymond James restated an “outperform” rating and set a $21.00 price target (up from $19.00) on shares of Grindr in a research report on Friday, January 24th. TD Cowen raised their price target on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Grindr in a research report on Thursday, February 6th.

Grindr Stock Performance

The stock has a market capitalization of $3.27 billion, a P/E ratio of -52.86 and a beta of 0.30. The stock has a 50-day moving average price of $17.20 and a two-hundred day moving average price of $14.33.

Insider Transactions at Grindr

In other news, insider Zachary Katz sold 3,058 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $16.40, for a total value of $50,151.20. Following the completion of the transaction, the insider now owns 580,606 shares in the company, valued at $9,521,938.40. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Fu Bin Lu sold 750,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total value of $11,355,000.00. Following the completion of the transaction, the director now owns 31,540,655 shares of the company’s stock, valued at approximately $477,525,516.70. The trade was a 2.32 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,129,566 shares of company stock worth $32,426,630. 76.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in Grindr by 66.7% during the third quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock valued at $2,772,000 after buying an additional 93,005 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Grindr by 219.9% in the third quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock worth $2,145,000 after purchasing an additional 123,600 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Grindr by 10.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company’s stock worth $2,287,000 after purchasing an additional 17,678 shares during the last quarter. Graypoint LLC purchased a new position in shares of Grindr in the fourth quarter worth $1,211,000. Finally, Principal Financial Group Inc. purchased a new position in shares of Grindr in the third quarter worth $365,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

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.