Grindr Inc. (NYSE:GRND) Short Interest Update

Grindr Inc. (NYSE:GRND) was the target of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 6,080,000 shares, an increase of 18.5% from the November 15th total of 5,130,000 shares. Approximately 26.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 594,200 shares, the days-to-cover ratio is currently 10.2 days.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GRND. TD Cowen raised their price target on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Raymond James lifted their target price on Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a research note on Monday. Finally, The Goldman Sachs Group assumed coverage on Grindr in a research note on Monday. They issued a “buy” rating and a $20.00 price objective on the stock.

Grindr Stock Performance

Shares of GRND stock traded up $0.98 during mid-day trading on Monday, hitting $16.72. The company’s stock had a trading volume of 653,797 shares, compared to its average volume of 538,520. The company has a market cap of $2.95 billion, a PE ratio of -48.49 and a beta of 0.37. The company’s fifty day simple moving average is $14.17 and its 200-day simple moving average is $12.36. Grindr has a 52 week low of $7.83 and a 52 week high of $16.98.

Insider Buying and Selling

In related news, Director Nathan Richardson sold 4,766 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $71,490.00. Following the sale, the director now owns 22,642 shares of the company’s stock, valued at $339,630. This trade represents a 17.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total value of $43,729.40. Following the completion of the transaction, the insider now directly owns 586,722 shares of the company’s stock, valued at approximately $8,390,124.60. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,405,870 shares of company stock worth $36,366,731 in the last ninety days. 76.40% of the stock is owned by insiders.

Institutional Trading of Grindr

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Grindr by 5.7% in the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock worth $5,778,000 after acquiring an additional 30,574 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Grindr by 16.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after purchasing an additional 1,667 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Grindr in the second quarter valued at $718,000. Quest Partners LLC increased its position in shares of Grindr by 9,055.0% during the second quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after acquiring an additional 12,677 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. purchased a new stake in shares of Grindr in the second quarter worth approximately $670,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.