Grindr Inc. (NYSE:GRND) Short Interest Update

Grindr Inc. (NYSE:GRND) was the target of a large growth in short interest in February. As of February 15th, there was short interest totalling 12,190,000 shares, a growth of 34.3% from the January 31st total of 9,080,000 shares. Based on an average daily trading volume, of 1,070,000 shares, the short-interest ratio is presently 11.4 days.

Grindr Stock Performance

NYSE:GRND opened at $18.58 on Tuesday. Grindr has a one year low of $7.93 and a one year high of $19.20. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of -53.09 and a beta of 0.30. The firm’s fifty day moving average is $17.78 and its two-hundred day moving average is $15.01.

Wall Street Analyst Weigh In

GRND has been the topic of a number of research analyst reports. JMP Securities reissued a “market outperform” rating and set a $21.00 price objective on shares of Grindr in a report on Thursday, February 6th. Raymond James reiterated an “outperform” rating and set a $21.00 price target (up previously from $19.00) on shares of Grindr in a research note on Friday, January 24th. TD Cowen increased their price objective on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group assumed coverage on Grindr in a report on Monday, December 16th. They set a “buy” rating and a $20.00 target price for the company.

Insider Activity

In related news, insider Zachary Katz sold 3,058 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $16.40, for a total transaction of $50,151.20. Following the transaction, 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James Fu Bin Lu sold 750,000 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total value of $11,355,000.00. Following the completion of 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,449,326 shares of company stock worth $22,116,040. Corporate insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Grindr by 66.7% in the third quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock worth $2,772,000 after acquiring an additional 93,005 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Grindr by 219.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock valued at $2,145,000 after purchasing an additional 123,600 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Grindr by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company’s stock worth $2,287,000 after purchasing an additional 17,678 shares during the period. Graypoint LLC acquired a new position in Grindr in the 4th quarter worth about $1,211,000. Finally, Principal Financial Group Inc. purchased a new position in Grindr during the third quarter worth approximately $365,000. 7.22% of the stock is owned by hedge funds and other 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.