Grindr (NYSE:GRND) Shares Gap Down - Here's Why

Grindr Inc. (NYSE:GRND - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $18.69, but opened at $17.14. Grindr shares last traded at $15.77, with a volume of 656,218 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GRND shares. The Goldman Sachs Group assumed coverage on Grindr in a research report on Monday, December 16th. They issued a "buy" rating and a $20.00 target price for the company. Citigroup reaffirmed an "outperform" rating on shares of Grindr in a research note on Thursday. JMP Securities reiterated a "market outperform" rating and issued a $21.00 target price on shares of Grindr in a research report on Thursday, February 6th. Finally, Raymond James restated an "outperform" rating on shares of Grindr in a research report on Thursday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $19.75.

Grindr Trading Up 0.9 %

The business's fifty day simple moving average is $17.65 and its 200-day simple moving average is $15.17. The firm has a market cap of $2.70 billion, a P/E ratio of -43.64 and a beta of 0.30.

Insider Activity

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 stock was sold at an average price of $15.14, for a total value of $11,355,000.00. Following the completion of the transaction, the director now owns 31,540,655 shares in the company, valued at $477,525,516.70. This trade represents a 2.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Zachary Katz sold 3,057 shares of the company's stock in a transaction on Tuesday, February 11th. The stock was 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 directly owns 577,549 shares in the company, valued at approximately $10,395,882. The trade was a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 757,115 shares of company stock valued at $11,476,757. Company insiders own 76.40% of the company's stock.

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Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its holdings in shares of Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock valued at $47,000 after purchasing an additional 642 shares during the last quarter. Quarry LP increased its position in Grindr by 209.2% during the 4th quarter. Quarry LP now owns 3,423 shares of the company's stock valued at $61,000 after buying an additional 2,316 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in Grindr by 511.9% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company's stock valued at $83,000 after buying an additional 3,880 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in Grindr in the fourth quarter worth $89,000. Finally, R Squared Ltd purchased a new stake in shares of Grindr in the fourth quarter worth $101,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

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.