Grindr (NYSE:GRND) Hits New 12-Month High - Here's Why

Grindr Inc. (NYSE:GRND - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $13.99 and last traded at $13.93, with a volume of 570624 shares. The stock had previously closed at $13.45.

Analyst Upgrades and Downgrades

Separately, JMP Securities reiterated a "market outperform" rating and issued a $17.00 price objective on shares of Grindr in a research note on Monday, July 15th.

Grindr Stock Up 3.6 %

The stock's 50-day simple moving average is $12.39 and its 200 day simple moving average is $11.30. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -31.11 and a beta of 0.33.

Grindr (NYSE:GRND - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.02. The business had revenue of $82.35 million during the quarter, compared to analyst estimates of $77.40 million. Grindr had a negative net margin of 25.67% and a negative return on equity of 234.28%. As a group, equities research analysts anticipate that Grindr Inc. will post 0.25 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Kye Chen sold 4,964 shares of the stock in a transaction 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 transaction, the chief accounting officer now owns 130,598 shares of the company's stock, valued at $1,542,362.38. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 27,115 shares of company stock valued at $318,994 over the last ninety days. Insiders own 76.40% of the company's stock.

Institutional Investors Weigh In On Grindr

Several hedge funds have recently bought and sold shares of GRND. GSA Capital Partners LLP bought a new stake in shares of Grindr in the 1st quarter valued at $545,000. Susquehanna Fundamental Investments LLC bought a new stake in Grindr in the 1st quarter valued at approximately $209,000. Vanguard Group Inc. grew its position in Grindr by 5.7% in the first quarter. Vanguard Group Inc. now owns 570,351 shares of the company's stock valued at $5,778,000 after purchasing an additional 30,574 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Grindr by 16.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company's stock worth $120,000 after acquiring an additional 1,667 shares in the last quarter. Finally, Simplicity Wealth LLC acquired a new position in shares of Grindr during the 2nd quarter worth about $303,000. 7.22% of the stock is currently 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.

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