Grindr Inc. (NYSE:GRND) Sees Large Growth in Short Interest

Grindr Inc. (NYSE:GRND) was the target of a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 12,190,000 shares, an increase 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 currently 11.4 days.

Insider Buying and Selling at Grindr

In other news, Director James Fu Bin Lu sold 692,211 shares of Grindr stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $15.37, for a total transaction of $10,639,283.07. Following the transaction, the director now directly owns 32,968,400 shares of the company’s stock, valued at $506,724,308. The trade was a 2.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Zachary Katz sold 3,057 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $18.00, for a total transaction of $55,026.00. Following the completion of the sale, the insider now directly owns 577,549 shares of the company’s stock, valued at $10,395,882. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,449,326 shares of company stock valued at $22,116,040. Insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

A number of large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. bought a new stake in Grindr during the 3rd quarter valued at about $365,000. Aigen Investment Management LP purchased a new position in Grindr during the 3rd quarter worth $225,000. Victory Capital Management Inc. bought a new stake in Grindr during the 3rd quarter valued at $321,000. Quest Partners LLC lifted its holdings in shares of Grindr by 277.4% in the 3rd quarter. Quest Partners LLC now owns 48,375 shares of the company’s stock worth $577,000 after buying an additional 35,558 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Grindr by 10.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company’s stock worth $2,287,000 after buying an additional 17,678 shares in the last quarter. 7.22% of the stock is owned by hedge funds and other institutional investors.

Grindr Trading Up 1.3 %

Shares of NYSE:GRND opened at $18.58 on Tuesday. The firm’s 50-day moving average is $17.78 and its 200 day moving average is $15.01. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of -53.09 and a beta of 0.30. Grindr has a 12 month low of $7.93 and a 12 month high of $19.20.

Wall Street Analysts Forecast Growth

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

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.