Grindr (NYSE:GRND) Sets New 1-Year High – Here’s What Happened

Grindr Inc. (NYSE:GRND) hit a new 52-week high on Tuesday . The stock traded as high as $13.99 and last traded at $13.93, with a volume of 570624 shares changing hands. The stock had previously closed at $13.45.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GRND. JMP Securities reiterated a “market outperform” rating and set a $17.00 price objective on shares of Grindr in a report on Monday, July 15th. TD Cowen upped their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday.

Grindr Stock Performance

The company has a market cap of $2.60 billion, a price-to-earnings ratio of -32.80 and a beta of 0.33. The stock’s fifty day moving average is $12.49 and its two-hundred day moving average is $11.35.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, August 8th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. Grindr had a negative net margin of 25.67% and a negative return on equity of 234.28%. The company had revenue of $82.35 million for the quarter, compared to analyst estimates of $77.40 million. On average, equities research analysts expect that Grindr Inc. will post 0.25 EPS for the current year.

Insider Buying and Selling at Grindr

In other Grindr news, CAO Kye Chen sold 16,187 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $11.68, for a total value of $189,064.16. Following the completion of the sale, the chief accounting officer now owns 138,604 shares in the company, valued at approximately $1,618,894.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 27,115 shares of company stock worth $318,994. Insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new position in shares of Grindr during the 3rd quarter valued at approximately $27,000. Point72 DIFC Ltd bought a new position in shares of Grindr during the 2nd quarter valued at approximately $136,000. Price T Rowe Associates Inc. MD grew its position in shares of Grindr by 16.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after acquiring an additional 1,667 shares during the period. Quest Partners LLC grew 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 acquiring an additional 12,677 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Grindr during the 2nd quarter valued at approximately $189,000. 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.