Grindr (NYSE:GRND) Sees Strong Trading Volume - What's Next?

Shares of Grindr Inc. (NYSE:GRND - Get Free Report) saw unusually-high trading volume on Friday . Approximately 1,400,943 shares traded hands during mid-day trading, a decline of 1% from the previous session's volume of 1,410,290 shares.The stock last traded at $14.80 and had previously closed at $15.70.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GRND. Citigroup reissued an "outperform" rating on shares of Grindr in a report on Thursday, March 6th. Raymond James reaffirmed an "outperform" rating on shares of Grindr in a research note on Thursday. The Goldman Sachs Group started coverage on shares of Grindr in a research note on Monday, December 16th. They set a "buy" rating and a $20.00 price objective on the stock. Finally, JMP Securities restated a "market outperform" rating and issued a $21.00 target price on shares of Grindr in a research report on Thursday, February 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Grindr presently has a consensus rating of "Buy" and an average price target of $19.75.

Grindr Trading Up 5.6 %

The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -46.09 and a beta of 0.30. The stock has a fifty day moving average of $17.65 and a 200-day moving average of $15.17.

Insiders Place Their Bets

In other Grindr news, insider Zachary Katz sold 3,057 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total value of $55,026.00. Following the completion of the sale, the insider now owns 577,549 shares in the company, valued at $10,395,882. This represents a 0.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 7,115 shares of company stock worth $121,757. 76.40% of the stock is currently owned by company insiders.

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Institutional Investors Weigh In On Grindr

Several institutional investors and hedge funds have recently added to or reduced their stakes in GRND. PharVision Advisers LLC acquired a new stake in shares of Grindr in the fourth quarter worth $248,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Grindr during the 4th quarter worth $884,000. Voloridge Investment Management LLC boosted its holdings in Grindr by 251.8% during the fourth quarter. Voloridge Investment Management LLC now owns 451,000 shares of the company's stock valued at $8,046,000 after acquiring an additional 322,792 shares during the period. Woodline Partners LP acquired a new stake in shares of Grindr in the fourth quarter valued at about $7,436,000. Finally, Squarepoint Ops LLC increased its stake in shares of Grindr by 32.4% in the fourth quarter. Squarepoint Ops LLC now owns 496,401 shares of the company's stock worth $8,856,000 after purchasing an additional 121,530 shares during the period. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.