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

Grindr Inc. (NYSE:GRND) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 6,820,000 shares, an increase of 33.5% from the December 15th total of 5,110,000 shares. Approximately 24.6% of the company’s shares are sold short. Based on an average daily volume of 721,900 shares, the short-interest ratio is currently 9.4 days.

Wall Street Analysts Forecast Growth

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

Grindr Stock Up 0.6 %

Shares of NYSE:GRND opened at $17.07 on Friday. The company has a 50 day moving average of $16.22 and a two-hundred day moving average of $13.61. Grindr has a 52-week low of $7.93 and a 52-week high of $18.42.

Insiders Place Their Bets

In related 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 value of $50,151.20. Following the transaction, the insider now directly owns 580,606 shares of the company’s stock, valued at approximately $9,521,938.40. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Nathan Richardson sold 4,766 shares of Grindr stock in a transaction on Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $71,490.00. Following the completion of the transaction, the director now owns 22,642 shares in the company, valued at $339,630. The trade was a 17.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,399,000 shares of company stock valued at $36,303,532 over the last quarter. Company insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its position in Grindr by 140.5% in the 4th quarter. SG Americas Securities LLC now owns 155,893 shares of the company’s stock valued at $2,781,000 after buying an additional 91,077 shares during the last quarter. Graypoint LLC acquired a new stake in Grindr during the 4th quarter valued at approximately $1,211,000. JPMorgan Chase & Co. increased its holdings in Grindr by 66.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock worth $2,772,000 after purchasing an additional 93,005 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Grindr in the 3rd quarter valued at approximately $365,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Grindr during the 3rd quarter valued at approximately $7,720,000. 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.