Grindr (NYSE:GRND) Reaches New 52-Week High – Still a Buy?

Grindr Inc. (NYSE:GRND) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $16.41 and last traded at $16.41, with a volume of 1556 shares changing hands. The stock had previously closed at $15.74.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GRND shares. Raymond James boosted their price objective on shares of Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, November 8th. TD Cowen lifted their price target on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group assumed coverage on shares of Grindr in a research note on Monday. They issued a “buy” rating and a $20.00 price target on the stock.

Grindr Price Performance

The stock’s 50 day simple moving average is $14.17 and its two-hundred day simple moving average is $12.36. The stock has a market cap of $2.95 billion, a P/E ratio of -44.97 and a beta of 0.37.

Insider Transactions at Grindr

In other news, insider Zachary Katz sold 3,058 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the sale, the insider now owns 586,722 shares of the company’s stock, valued at $8,390,124.60. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James Fu Bin Lu sold 750,000 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the completion of the sale, the director now directly owns 31,540,655 shares in the company, 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. Insiders have sold a total of 2,405,870 shares of company stock valued at $36,366,731 over the last 90 days. 76.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Grindr

Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in Grindr during the second quarter worth $718,000. Yarra Square Partners LP acquired a new position in Grindr during the second quarter worth $3,005,000. Point72 Asset Management L.P. increased its holdings in Grindr by 219.9% during the third quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock worth $2,145,000 after buying an additional 123,600 shares during the last quarter. Federated Hermes Inc. acquired a new position in Grindr during the second quarter worth $3,640,000. Finally, Algert Global LLC acquired a new position in Grindr during the third quarter worth $830,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.