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

Grindr Inc. (NYSE:GRND - Get Free Report) saw a large growth in short interest in the month of November. As of November 30th, there was short interest totalling 6,080,000 shares, a growth of 18.5% from the November 15th total of 5,130,000 shares. Approximately 26.0% of the shares of the company are short sold. Based on an average trading volume of 594,200 shares, the days-to-cover ratio is currently 10.2 days.

Grindr Stock Performance

GRND traded up $1.18 during trading on Monday, reaching $16.92. The company had a trading volume of 1,746,189 shares, compared to its average volume of 543,377. Grindr has a 12-month low of $7.83 and a 12-month high of $17.33. The firm's 50-day simple moving average is $14.27 and its 200 day simple moving average is $12.41. The company has a market cap of $2.99 billion, a price-to-earnings ratio of -48.34 and a beta of 0.37.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director James Fu Bin Lu sold 750,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the transaction, the director now owns 31,540,655 shares in the company, valued at $477,525,516.70. This trade represents a 2.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kye Chen sold 4,964 shares of the company's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $11.81, for a total value of $58,624.84. Following the completion of the sale, the chief accounting officer now owns 130,598 shares of the company's stock, valued at $1,542,362.38. This trade represents a 3.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,405,870 shares of company stock worth $36,366,731. 76.40% of the stock is owned by company insiders.

Institutional Trading of Grindr

Large investors have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of Grindr in the 3rd quarter valued at about $27,000. Price T Rowe Associates Inc. MD increased its stake in Grindr by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company's stock valued at $120,000 after buying an additional 1,667 shares during the period. Point72 DIFC Ltd purchased a new stake in Grindr in the 2nd quarter worth approximately $136,000. Quest Partners LLC boosted its stake 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 buying an additional 12,677 shares during the period. Finally, Centiva Capital LP acquired a new stake in shares of Grindr during the 3rd quarter valued at $160,000. 7.22% of the stock is owned by institutional investors and hedge funds.

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.