Grindr (NYSE:GRND) Sets New 1-Year High - Here's What Happened

Shares of Grindr Inc. (NYSE:GRND - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $18.26 and last traded at $18.18, with a volume of 246352 shares changing hands. The stock had previously closed at $17.92.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. JMP Securities restated a "market outperform" rating and issued a $21.00 price target on shares of Grindr in a research report on Monday, December 16th. The Goldman Sachs Group began coverage on shares of Grindr in a report on Monday, December 16th. They issued a "buy" rating and a $20.00 target price on the stock. TD Cowen increased their price target 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, Raymond James upped 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.

Grindr Stock Up 1.7 %

The firm has a market cap of $3.22 billion, a PE ratio of -52.09 and a beta of 0.37. The business has a 50 day simple moving average of $15.12 and a two-hundred day simple moving average of $12.93.

Insider Buying and Selling

In other news, CAO Kye Chen sold 4,964 shares of the firm's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $11.81, for a total transaction of $58,624.84. Following the transaction, the chief accounting officer now owns 130,598 shares in the company, valued at approximately $1,542,362.38. This trade represents a 3.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Fu Bin Lu sold 750,000 shares of Grindr stock in a transaction dated 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 completion of the sale, the director now owns 31,540,655 shares of the company's stock, valued at $477,525,516.70. The trade was a 2.32 % decrease in their ownership of the stock. 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 90 days. Company insiders own 76.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. lifted its position in shares of Grindr by 219.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company's stock worth $2,145,000 after purchasing an additional 123,600 shares during the period. Yarra Square Partners LP bought a new position in Grindr in the second quarter worth approximately $3,005,000. Charles Schwab Investment Management Inc. lifted its holdings in Grindr by 10.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company's stock worth $2,287,000 after buying an additional 17,678 shares during the period. Federated Hermes Inc. bought a new stake in Grindr during the 2nd quarter valued at $3,640,000. Finally, Algert Global LLC purchased a new position in shares of Grindr in the 3rd quarter valued at $830,000. 7.22% of the stock is currently owned by 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.