Grindr (NYSE:GRND) Shares Gap Down – Here’s What Happened

Grindr Inc. (NYSE:GRND)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $18.69, but opened at $17.14. Grindr shares last traded at $15.77, with a volume of 656,218 shares.

Analysts Set New Price Targets

GRND has been the subject of several research reports. Raymond James reiterated an “outperform” rating and issued a $21.00 target price (up previously from $19.00) on shares of Grindr in a report on Friday, January 24th. The Goldman Sachs Group started coverage on Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective for the company. JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Grindr in a research note on Thursday, February 6th. Finally, TD Cowen lifted their target price on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Grindr Price Performance

The firm has a market cap of $2.75 billion, a price-to-earnings ratio of -44.57 and a beta of 0.30. The company’s 50 day simple moving average is $17.81 and its 200 day simple moving average is $15.08.

Insider Buying and Selling at Grindr

In related news, Director James Fu Bin Lu sold 750,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 31,540,655 shares of the company’s stock, valued at $477,525,516.70. This represents a 2.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $50,151.20. Following the sale, the insider now directly owns 580,606 shares in the company, valued at approximately $9,521,938.40. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 757,115 shares of company stock valued at $11,476,757 in the last quarter. Corporate insiders own 76.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Bwcp LP purchased a new stake in Grindr in the fourth quarter valued at approximately $12,088,000. Lord Abbett & CO. LLC purchased a new stake in Grindr in the 3rd quarter valued at $7,720,000. Sellaronda Global Management LP acquired a new stake in Grindr during the 4th quarter worth $10,704,000. Marshall Wace LLP grew its position in Grindr by 85.2% during the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company’s stock worth $19,928,000 after purchasing an additional 513,770 shares during the last quarter. Finally, Federated Hermes Inc. increased its stake in Grindr by 101.3% in the fourth quarter. Federated Hermes Inc. now owns 866,058 shares of the company’s stock valued at $15,450,000 after purchasing an additional 435,748 shares during the period. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.