Grindr (NYSE:GRND) Sets New 1-Year High - What's Next?

Shares of Grindr Inc. (NYSE:GRND - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $16.41 and last traded at $16.41, with a volume of 1556 shares traded. The stock had previously closed at $15.74.

Analyst Ratings Changes

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

Grindr Trading Up 7.5 %

The company has a market capitalization of $2.99 billion, a PE ratio of -48.34 and a beta of 0.37. The company's 50 day moving average price is $14.27 and its 200-day moving average price is $12.41.

Insider Buying and Selling at Grindr

In other news, Director James Fu Bin Lu sold 750,000 shares of the firm's stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total value of $11,355,000.00. Following the transaction, the director now owns 31,540,655 shares of the company's stock, valued at approximately $477,525,516.70. This trade represents a 2.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Zachary Katz sold 3,058 shares of the company's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total transaction of $43,729.40. Following the sale, the insider now directly owns 586,722 shares of the company's stock, valued at approximately $8,390,124.60. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,405,870 shares of company stock valued at $36,366,731. Company insiders own 76.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC acquired a new stake in shares of Grindr in the third quarter valued at about $7,720,000. Barclays PLC lifted its position in Grindr by 106.8% during the 3rd quarter. Barclays PLC now owns 72,580 shares of the company's stock worth $865,000 after acquiring an additional 37,477 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Grindr by 7.5% in the 3rd quarter. Geode Capital Management LLC now owns 514,520 shares of the company's stock worth $6,139,000 after acquiring an additional 36,001 shares during the period. Orion Portfolio Solutions LLC acquired a new stake in Grindr in the third quarter valued at approximately $278,000. Finally, Petrus Trust Company LTA raised its stake in shares of Grindr by 330.7% during the third quarter. Petrus Trust Company LTA now owns 60,312 shares of the company's stock valued at $720,000 after purchasing an additional 46,309 shares during the period. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.