Grindr (NYSE:GRND) Reaches New 1-Year High - Time to Buy?

Grindr Inc. (NYSE:GRND - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.00 and last traded at $19.96, with a volume of 2098275 shares changing hands. The stock had previously closed at $19.30.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JMP Securities reissued a "market outperform" rating and issued a $24.00 target price on shares of Grindr in a research note on Monday. Raymond James reaffirmed an "outperform" rating and issued a $22.00 price target on shares of Grindr in a report on Thursday, March 6th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grindr currently has a consensus rating of "Buy" and a consensus price target of $20.75.

Grindr Stock Up 3.4 %

The firm has a market cap of $4.16 billion, a P/E ratio of -57.04 and a beta of 0.31. The business has a fifty day moving average of $17.80 and a 200 day moving average of $16.46.

Insider Activity

In related news, insider Zachary Katz sold 3,058 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total transaction of $49,631.34. Following the completion of the sale, the insider now directly owns 613,800 shares of the company's stock, valued at approximately $9,961,974. This represents a 0.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 8,115 shares of company stock valued at $139,397 in the last ninety days. 76.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Grindr

Several large investors have recently made changes to their positions in the stock. BIT Capital GmbH lifted its position in shares of Grindr by 9.6% in the fourth quarter. BIT Capital GmbH now owns 3,989,058 shares of the company's stock worth $71,165,000 after purchasing an additional 349,189 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Grindr by 85.2% during the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company's stock worth $19,928,000 after buying an additional 513,770 shares during the period. Lord Abbett & CO. LLC boosted its holdings in shares of Grindr by 50.6% during the fourth quarter. Lord Abbett & CO. LLC now owns 974,308 shares of the company's stock worth $17,382,000 after acquiring an additional 327,208 shares during the period. Federated Hermes Inc. grew its holdings in Grindr by 101.3% in the 4th quarter. Federated Hermes Inc. now owns 866,058 shares of the company's stock valued at $15,450,000 after buying an additional 435,748 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Grindr by 37.0% in the fourth quarter. Nuveen Asset Management LLC now owns 792,916 shares of the company's stock valued at $14,146,000 after acquiring an additional 214,102 shares in the last quarter. Institutional investors own 7.22% of the company's stock.

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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