Grindr (NYSE:GRND) Trading Down 4.9% - Here's Why

Grindr Inc. (NYSE:GRND - Get Free Report)'s stock price fell 4.9% during trading on Tuesday . The company traded as low as $17.38 and last traded at $17.70. 1,368,017 shares were traded during mid-day trading, an increase of 9% from the average session volume of 1,256,868 shares. The stock had previously closed at $18.60.

Analysts Set New Price Targets

A number of brokerages recently commented on GRND. The Goldman Sachs Group began coverage on shares of Grindr in a research report on Monday, December 16th. They issued a "buy" rating and a $20.00 price objective for the company. JMP Securities reaffirmed a "market outperform" rating and issued a $21.00 target price on shares of Grindr in a report on Thursday, February 6th. Finally, Raymond James reaffirmed an "outperform" rating and issued a $21.00 target price (up from $19.00) on shares of Grindr in a report on Friday, January 24th.

Grindr Stock Down 3.3 %

The company has a market capitalization of $2.68 billion, a PE ratio of -43.36 and a beta of 0.30. The stock's fifty day simple moving average is $17.76 and its 200-day simple moving average is $15.09.

Insider Transactions at Grindr

In other news, Director James Fu Bin Lu sold 750,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the completion of the transaction, the director now directly owns 31,540,655 shares of the company's stock, valued at $477,525,516.70. This trade represents a 2.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the firm's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $16.40, for a total transaction of $50,151.20. Following the transaction, the insider now directly owns 580,606 shares of the company's stock, valued at approximately $9,521,938.40. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 757,115 shares of company stock valued at $11,476,757 in the last ninety days. Corporate insiders own 76.40% of the company's stock.

Remove Ads

Institutional Trading of Grindr

A number of hedge funds have recently bought and sold shares of GRND. Russell Investments Group Ltd. boosted its position in Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock worth $47,000 after acquiring an additional 642 shares during the last quarter. Quarry LP boosted its position in Grindr by 209.2% during the fourth quarter. Quarry LP now owns 3,423 shares of the company's stock worth $61,000 after acquiring an additional 2,316 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in Grindr by 511.9% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock worth $83,000 after acquiring an additional 3,880 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Grindr during the fourth quarter worth approximately $89,000. Finally, R Squared Ltd acquired a new stake in Grindr during the fourth quarter worth approximately $101,000. Institutional investors and hedge funds 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.