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

Grindr Inc. (NYSE:GRND) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 6,820,000 shares, a growth of 33.5% from the December 15th total of 5,110,000 shares. Based on an average daily volume of 721,900 shares, the short-interest ratio is currently 9.4 days. Currently, 24.6% of the shares of the stock are sold short.

Insider Activity 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 stock was sold at an average price of $14.30, for a total transaction of $43,729.40. Following the completion of the sale, the insider now owns 586,722 shares in the company, valued at $8,390,124.60. The trade was a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Nathan Richardson sold 5,234 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $15.00, for a total value of $78,510.00. Following the completion of the transaction, the director now owns 27,408 shares in the company, valued at approximately $411,120. This represents a 16.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,399,000 shares of company stock valued at $36,303,532 in the last ninety days. Insiders own 76.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. boosted its position in Grindr by 219.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock worth $2,145,000 after acquiring an additional 123,600 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Grindr by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company’s stock valued at $2,287,000 after buying an additional 17,678 shares during the last quarter. Yarra Square Partners LP bought a new stake in Grindr during the 2nd quarter worth about $3,005,000. Graypoint LLC acquired a new position in shares of Grindr during the 4th quarter worth about $1,211,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Grindr during the 3rd quarter worth about $365,000. 7.22% of the stock is currently owned by institutional investors.

Grindr Stock Up 0.6 %

GRND opened at $17.07 on Friday. The firm’s fifty day simple moving average is $16.22 and its 200 day simple moving average is $13.61. Grindr has a 12 month low of $7.93 and a 12 month high of $18.42.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GRND. TD Cowen increased their price target on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Raymond James lifted their price objective on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. The Goldman Sachs Group started coverage on shares of Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 price target for the company. Finally, JMP Securities restated a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a report on Monday, December 16th.

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.