Grindr (NYSE:GRND) Stock Price Up 7.3% – Here’s Why

Grindr Inc. (NYSE:GRND) shares traded up 7.3% on Tuesday . The company traded as high as $16.24 and last traded at $16.35. 568,939 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 1,497,901 shares. The stock had previously closed at $15.24.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on GRND shares. 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 price objective for the company. 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. Citigroup restated an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. Finally, Raymond James reiterated an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grindr has a consensus rating of “Buy” and a consensus target price of $19.75.

Grindr Stock Up 8.3 %

The business’s 50 day simple moving average is $17.65 and its 200 day simple moving average is $15.17. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of -47.02 and a beta of 0.30.

Insider Transactions at Grindr

In other news, insider Zachary Katz sold 3,057 shares of Grindr stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total value of $55,026.00. Following the completion of the sale, the insider now directly owns 577,549 shares in the company, valued at approximately $10,395,882. The trade was a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 7,115 shares of company stock worth $121,757 over the last quarter. Company insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position in shares of Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after purchasing an additional 642 shares during the period. Quarry LP increased its holdings in Grindr by 209.2% in the 4th quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after buying an additional 2,316 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Grindr by 511.9% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock valued at $83,000 after buying an additional 3,880 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Grindr during the 4th quarter worth approximately $89,000. Finally, R Squared Ltd acquired a new stake in shares of Grindr during the 4th quarter worth approximately $101,000. 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.