Grindr (NYSE:GRND) Shares Gap Down – Here’s Why

Grindr Inc. (NYSE:GRND) shares gapped down prior to trading on Thursday . The stock had previously closed at $18.69, but opened at $17.14. Grindr shares last traded at $15.77, with a volume of 656,218 shares traded.

Wall Street Analysts Forecast Growth

GRND has been the subject of a number of recent research reports. The Goldman Sachs Group started coverage on shares of Grindr in a research note on Monday, December 16th. They set a “buy” rating and a $20.00 price target for the company. JMP Securities reiterated a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a research note on Thursday, February 6th. Finally, Raymond James reiterated an “outperform” rating and issued a $21.00 price objective (up previously from $19.00) on shares of Grindr in a research note on Friday, January 24th.

Grindr Trading Down 3.3 %

The business’s fifty day moving average price is $17.76 and its 200-day moving average price is $15.09. The company has a market capitalization of $2.68 billion, a P/E ratio of -43.36 and a beta of 0.30.

Insider Activity

In related news, insider Zachary Katz sold 3,058 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $9,521,938.40. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Fu Bin Lu sold 750,000 shares of Grindr stock in a transaction that occurred on 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 transaction, the director now directly owns 31,540,655 shares in the company, valued at $477,525,516.70. This trade represents a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 757,115 shares of company stock worth $11,476,757. 76.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GRND. Bwcp LP purchased a new stake in Grindr during the 4th quarter valued at $12,088,000. Lord Abbett & CO. LLC purchased a new stake in shares of Grindr during the third quarter worth about $7,720,000. Sellaronda Global Management LP bought a new stake in shares of Grindr in the fourth quarter worth about $10,704,000. Marshall Wace LLP increased its holdings in Grindr by 85.2% during the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company’s stock valued at $19,928,000 after purchasing an additional 513,770 shares during the period. Finally, Federated Hermes Inc. raised its position in Grindr by 101.3% during the 4th quarter. Federated Hermes Inc. now owns 866,058 shares of the company’s stock valued at $15,450,000 after purchasing an additional 435,748 shares during the last quarter. 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.