Grindr Inc. (NYSE:GRND) Sees Significant Drop in Short Interest

Grindr Inc. (NYSE:GRND) saw a large decline in short interest in the month of December. As of December 15th, there was short interest totalling 5,110,000 shares, a decline of 16.0% from the November 30th total of 6,080,000 shares. Based on an average daily trading volume, of 648,300 shares, the days-to-cover ratio is currently 7.9 days. Currently, 19.6% of the company’s shares are short sold.

Insider Transactions at Grindr

In other Grindr news, Director James Fu Bin Lu sold 195,600 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total value of $2,814,684.00. Following the transaction, the director now owns 34,977,181 shares of the company’s stock, valued at approximately $503,321,634.59. This represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Kye Chen sold 4,964 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $11.81, for a total value of $58,624.84. Following the transaction, the chief accounting officer now owns 130,598 shares of the company’s stock, valued at $1,542,362.38. The trade was a 3.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,405,870 shares of company stock worth $36,366,731 in the last quarter. 76.40% of the stock is owned by company insiders.

Institutional Trading of Grindr

Several institutional investors have recently added to or reduced their stakes in GRND. Lord Abbett & CO. LLC acquired a new position in shares of Grindr during the 3rd quarter worth approximately $7,720,000. Marshall Wace LLP boosted its stake in shares of Grindr by 124.0% in the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after buying an additional 347,626 shares during the period. Federated Hermes Inc. acquired a new stake in Grindr during the second quarter worth approximately $3,640,000. Discovery Capital Management LLC CT bought a new position in Grindr during the 2nd quarter worth $3,179,000. Finally, Yarra Square Partners LP acquired a new position in Grindr in the 2nd quarter valued at $3,005,000. 7.22% of the stock is currently owned by institutional investors.

Grindr Stock Down 1.4 %

Shares of GRND traded down $0.25 during trading hours on Friday, hitting $17.92. The company had a trading volume of 1,009,162 shares, compared to its average volume of 561,720. The business has a fifty day moving average of $15.12 and a 200-day moving average of $12.90. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -51.20 and a beta of 0.37. Grindr has a 12 month low of $7.93 and a 12 month high of $18.26.

Analysts Set New Price Targets

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