JMP Securities Reaffirms Market Outperform Rating for Grindr (NYSE:GRND)

Grindr (NYSE:GRND)‘s stock had its “market outperform” rating restated by equities researchers at JMP Securities in a research report issued on Monday,Benzinga reports. They presently have a $21.00 price objective on the stock. JMP Securities’ price target points to a potential upside of 25.45% from the company’s previous close.

A number of other brokerages also recently commented on GRND. Raymond James upped their price objective on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. The Goldman Sachs Group initiated coverage on Grindr in a report on Monday. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, TD Cowen increased their target price on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Grindr Stock Up 6.4 %

GRND stock traded up $1.00 during trading on Monday, hitting $16.74. The company had a trading volume of 328,399 shares, compared to its average volume of 537,010. The firm has a 50-day moving average price of $14.17 and a 200-day moving average price of $12.36. The firm has a market cap of $2.96 billion, a PE ratio of -47.83 and a beta of 0.37. Grindr has a 1-year low of $7.83 and a 1-year high of $16.83.

Insider Buying and Selling

In related news, Director James Fu Bin Lu sold 750,000 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total value of $11,355,000.00. Following the sale, the director now directly owns 31,540,655 shares of the company’s stock, valued at approximately $477,525,516.70. This represents a 2.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Nathan Richardson sold 5,234 shares of Grindr stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.00, for a total transaction of $78,510.00. Following the transaction, the director now owns 27,408 shares of the company’s stock, valued at approximately $411,120. The trade was a 16.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,405,870 shares of company stock valued at $36,366,731. Corporate insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Several hedge funds have recently bought and sold shares of GRND. nVerses Capital LLC acquired a new position in Grindr in the 3rd quarter valued at about $27,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Grindr by 16.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after buying an additional 1,667 shares during the period. Point72 DIFC Ltd acquired a new stake in Grindr during the second quarter worth approximately $136,000. Quest Partners LLC grew its stake in Grindr by 9,055.0% in the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after acquiring an additional 12,677 shares during the period. Finally, Centiva Capital LP purchased a new stake in Grindr in the 3rd quarter worth approximately $160,000. Hedge funds and other institutional investors 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.