Grindr (NYSE:GRND) Sets New 12-Month High – Here’s What Happened

Grindr Inc. (NYSE:GRND) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.79 and last traded at $18.84, with a volume of 1717514 shares changing hands. The stock had previously closed at $17.98.

Wall Street Analyst Weigh In

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

Grindr Price Performance

The stock’s 50 day simple moving average is $17.63 and its two-hundred day simple moving average is $14.73. The company has a market capitalization of $3.37 billion, a P/E ratio of -54.50 and a beta of 0.30.

Insiders Place Their Bets

In other Grindr news, Director James Fu Bin Lu sold 683,297 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $15.17, for a total value of $10,365,615.49. Following the transaction, the director now directly owns 33,027,338 shares of the company’s stock, valued at approximately $501,024,717.46. This trade represents a 2.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Zachary Katz sold 3,058 shares of Grindr 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 sale, the insider now directly 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 2,132,623 shares of company stock valued at $32,481,656. 76.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GRND. Bank of New York Mellon Corp lifted its stake in Grindr by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company’s stock valued at $944,000 after buying an additional 623 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Grindr by 31.9% during 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 in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Grindr by 9.3% in 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 period. Bleakley Financial Group LLC increased its position in shares of Grindr by 5.6% in the 4th quarter. Bleakley Financial Group LLC now owns 28,712 shares of the company’s stock valued at $512,000 after buying an additional 1,524 shares in the last quarter. Finally, Savant Capital LLC raised its stake in Grindr by 9.6% during the 4th quarter. Savant Capital LLC now owns 19,325 shares of the company’s stock worth $345,000 after buying an additional 1,689 shares during the period. 7.22% of the stock is currently owned by 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.