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

Grindr Inc. (NYSE:GRND - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $18.51 and last traded at $18.50, with a volume of 2154073 shares trading hands. The stock had previously closed at $18.00.

Analyst Ratings Changes

A number of equities research analysts recently commented on GRND shares. JMP Securities reissued a "market outperform" rating and issued a $21.00 price target on shares of Grindr in a research report on Thursday, February 6th. Raymond James restated an "outperform" rating and issued a $21.00 price objective (up previously from $19.00) on shares of Grindr in a research note on Friday, January 24th. TD Cowen upped their price objective on Grindr from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group started coverage on Grindr in a research note on Monday, December 16th. They issued a "buy" rating and a $20.00 price objective for the company.

Grindr Stock Performance

The company has a market cap of $3.23 billion, a P/E ratio of -52.21 and a beta of 0.30. The firm has a 50 day moving average price of $17.38 and a two-hundred day moving average price of $14.48.

Insider Transactions at Grindr

In other news, insider Zachary Katz sold 3,057 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $18.00, for a total transaction of $55,026.00. Following the completion of the transaction, the insider now owns 577,549 shares in the company, valued at approximately $10,395,882. This represents a 0.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Fu Bin Lu sold 683,297 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $15.17, for a total value of $10,365,615.49. Following the transaction, the director now owns 33,027,338 shares of the company's stock, valued at $501,024,717.46. The trade was a 2.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,132,623 shares of company stock worth $32,481,656. 76.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC bought a new position in Grindr in the 3rd quarter worth about $27,000. Russell Investments Group Ltd. boosted its stake in Grindr by 31.9% in the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after purchasing an additional 642 shares during the period. Quarry LP boosted its stake in Grindr by 209.2% in the 4th quarter. Quarry LP now owns 3,423 shares of the company's stock worth $61,000 after purchasing an additional 2,316 shares during the period. KLP Kapitalforvaltning AS bought a new position in Grindr in the 4th quarter worth about $89,000. Finally, R Squared Ltd bought a new position in Grindr in the 4th quarter worth about $101,000. Institutional investors own 7.22% of the company's stock.

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.