Grindr (NYSE:GRND) Hits New 12-Month High – What’s Next?

Grindr Inc. (NYSE:GRND) reached a new 52-week high during trading on Monday . The stock traded as high as $17.77 and last traded at $17.46, with a volume of 191428 shares trading hands. The stock had previously closed at $17.31.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on GRND shares. Raymond James raised their price objective on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JMP Securities reiterated a “market outperform” rating and set a $21.00 price target on shares of Grindr in a research note on Monday, December 16th. The Goldman Sachs Group assumed 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. 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 stock’s 50-day simple moving average is $14.60 and its two-hundred day simple moving average is $12.63. The firm has a market capitalization of $3.10 billion, a P/E ratio of -50.20 and a beta of 0.37.

Insider Buying and Selling

In related news, CAO Kye Chen sold 4,964 shares of the firm’s stock in a transaction on 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 directly owns 130,598 shares of the company’s stock, valued at approximately $1,542,362.38. This trade represents a 3.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vandana Mehta-Krantz sold 60,776 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $14.29, for a total transaction of $868,489.04. Following the transaction, the chief financial officer now directly owns 722,126 shares of the company’s stock, valued at $10,319,180.54. This trade represents a 7.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,405,870 shares of company stock valued at $36,366,731. Company insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Several institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in shares of Grindr in the third quarter valued at $27,000. Point72 DIFC Ltd purchased a new position in shares of Grindr in the 2nd quarter worth $136,000. Quest Partners LLC raised its position in shares of Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock valued at $157,000 after buying an additional 12,677 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Grindr during the 3rd quarter valued at about $160,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Grindr by 9.3% during 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 in the last quarter. Hedge funds and other institutional investors 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.