Grindr (NYSE:GRND) Sets New 12-Month High - Here's What Happened

Grindr Inc. (NYSE:GRND - Get Free Report) shares hit a new 52-week high during trading on Monday . The stock traded as high as $17.77 and last traded at $17.46, with a volume of 191428 shares. The stock had previously closed at $17.31.

Wall Street Analysts Forecast Growth

GRND has been the topic of a number of research analyst reports. Raymond James upped their target price on Grindr from $16.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. JMP Securities reiterated a "market outperform" rating and issued a $21.00 price objective on shares of Grindr in a report on Monday, December 16th. TD Cowen boosted their target price on shares of Grindr from $14.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group started coverage on Grindr in a research report on Monday, December 16th. They set a "buy" rating and a $20.00 price objective for the company.

Grindr Price Performance

The stock's 50-day moving average is $14.60 and its two-hundred day moving average is $12.63. The company has a market cap of $3.13 billion, a P/E ratio of -50.63 and a beta of 0.37.

Insider Activity

In other Grindr news, insider Zachary Katz sold 3,058 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 586,722 shares in the company, valued at approximately $8,390,124.60. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Fu Bin Lu sold 750,000 shares of Grindr 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 transaction, the director now owns 31,540,655 shares in the company, valued at $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 2,405,870 shares of company stock valued at $36,366,731 in the last ninety days. 76.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quest Partners LLC lifted its position in shares of Grindr by 9,055.0% in the second quarter. Quest Partners LLC now owns 12,817 shares of the company's stock valued at $157,000 after acquiring an additional 12,677 shares in the last quarter. Cornercap Investment Counsel Inc. bought a new stake in shares of Grindr during the second quarter valued at approximately $670,000. Federated Hermes Inc. purchased a new position in shares of Grindr in the second quarter worth $3,640,000. Hsbc Holdings PLC boosted its position in shares of Grindr by 9.5% during the second quarter. Hsbc Holdings PLC now owns 23,632 shares of the company's stock worth $286,000 after acquiring an additional 2,050 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Grindr during the second quarter valued at $371,000. 7.22% of the stock is currently owned by institutional investors.

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.