Grindr Inc. (NYSE:GRND) Short Interest Update

Grindr Inc. (NYSE:GRND) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 4,270,000 shares, a growth of 10.3% from the September 15th total of 3,870,000 shares. Based on an average daily volume of 532,600 shares, the days-to-cover ratio is presently 8.0 days. Currently, 14.3% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GRND shares. JMP Securities reaffirmed a “market outperform” rating and issued a $17.00 target price on shares of Grindr in a research report on Monday, July 15th. Raymond James raised their price objective on Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, June 27th. Finally, TD Cowen increased their target price on shares of Grindr from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, June 27th.

Grindr Trading Down 3.3 %

Grindr stock traded down $0.42 during midday trading on Thursday, reaching $12.41. 239,635 shares of the stock traded hands, compared to its average volume of 522,432. The firm has a fifty day moving average price of $12.06 and a two-hundred day moving average price of $11.04. Grindr has a fifty-two week low of $5.71 and a fifty-two week high of $13.25. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -28.23 and a beta of 0.35.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, August 8th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.05 by $0.02. The firm had revenue of $82.35 million for the quarter, compared to analysts’ expectations of $77.40 million. Grindr had a negative return on equity of 234.28% and a negative net margin of 25.67%. Analysts anticipate that Grindr will post 0.25 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Kye Chen sold 4,964 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $11.81, for a total transaction of $58,624.84. Following the completion of the transaction, the chief accounting officer now owns 130,598 shares of the company’s stock, valued at $1,542,362.38. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 27,115 shares of company stock worth $318,994. 76.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Grindr

Several large investors have recently bought and sold shares of GRND. Marshall Wace LLP lifted its holdings in Grindr by 124.0% in the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after acquiring an additional 347,626 shares during the last quarter. Vanguard Group Inc. lifted its stake in Grindr by 5.7% during the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock valued at $5,778,000 after purchasing an additional 30,574 shares during the last quarter. Federated Hermes Inc. bought a new stake in shares of Grindr during the 2nd quarter worth $3,640,000. Squarepoint Ops LLC lifted its holdings in shares of Grindr by 264.4% during the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock valued at $3,192,000 after purchasing an additional 189,237 shares during the last quarter. Finally, Discovery Capital Management LLC CT acquired a new position in shares of Grindr in the second quarter worth about $3,179,000. Institutional investors and hedge funds 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.