Grindr (NYSE:GRND) Trading 2.2% Higher – Should You Buy?

Grindr Inc. (NYSE:GRND)’s share price traded up 2.2% during trading on Friday . The company traded as high as $17.28 and last traded at $17.39. 168,019 shares were traded during mid-day trading, a decline of 79% from the average session volume of 788,020 shares. The stock had previously closed at $17.02.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Citigroup reiterated an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Raymond James restated an “outperform” rating and set a $22.00 price target on shares of Grindr in a research note on Thursday, March 6th. JMP Securities restated a “market outperform” rating and set a $21.00 price target on shares of Grindr in a research note on Thursday, February 6th. Finally, The Goldman Sachs Group started coverage on Grindr in a research note on Monday, December 16th. They set a “buy” rating and a $20.00 price target on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grindr presently has an average rating of “Buy” and an average price target of $20.00.

Grindr Price Performance

The stock has a market capitalization of $3.65 billion, a P/E ratio of -50.19 and a beta of 0.30. The firm has a 50 day moving average of $17.50 and a 200-day moving average of $15.39.

Insider Buying and Selling at Grindr

In other Grindr news, insider Zachary Katz sold 3,058 shares of Grindr 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 sale, the insider now directly owns 580,606 shares of the company’s stock, valued at approximately $9,521,938.40. The trade was a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 11,173 shares of company stock valued at $187,729. 76.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Grindr

Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its holdings in Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock valued at $47,000 after purchasing an additional 642 shares in the last quarter. Quarry LP boosted its holdings in shares of Grindr by 209.2% in the 4th quarter. Quarry LP now owns 3,423 shares of the company’s stock worth $61,000 after acquiring an additional 2,316 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Grindr by 511.9% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock worth $83,000 after acquiring an additional 3,880 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Grindr in the 4th quarter worth approximately $89,000. Finally, R Squared Ltd acquired a new position in shares of Grindr in the 4th quarter worth approximately $101,000. 7.22% of the stock is owned by institutional investors and hedge funds.

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.