Investors Purchase Large Volume of Call Options on Grindr (NYSE:GRND)

Grindr Inc. (NYSE:GRND - Get Free Report) saw some unusual options trading on Monday. Stock traders bought 3,242 call options on the company. This represents an increase of approximately 129% compared to the typical volume of 1,414 call options.

Grindr Price Performance

NYSE GRND traded up $0.23 during mid-day trading on Friday, reaching $21.06. The stock had a trading volume of 132,829 shares, compared to its average volume of 951,953. The company has a fifty day moving average price of $17.90 and a 200 day moving average price of $16.55. Grindr has a 1 year low of $8.95 and a 1 year high of $21.25. The stock has a market cap of $4.39 billion, a PE ratio of -59.91 and a beta of 0.31.

Insider Activity

In other Grindr news, insider Zachary Katz sold 3,057 shares of the firm's 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 of the company's stock, valued at approximately $10,395,882. This trade represents a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 8,115 shares of company stock worth $139,397 in the last quarter. 76.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in shares of Grindr by 66.7% during the third quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company's stock valued at $2,772,000 after purchasing an additional 93,005 shares during the last quarter. Graypoint LLC purchased a new stake in Grindr during the fourth quarter valued at approximately $1,211,000. Principal Financial Group Inc. bought a new position in Grindr in the third quarter worth approximately $365,000. Barclays PLC boosted its stake in shares of Grindr by 106.8% during the 3rd quarter. Barclays PLC now owns 72,580 shares of the company's stock worth $865,000 after acquiring an additional 37,477 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Grindr by 7.5% during the 3rd quarter. Geode Capital Management LLC now owns 514,520 shares of the company's stock valued at $6,139,000 after acquiring an additional 36,001 shares during the period. 7.22% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GRND. JMP Securities reissued a "market outperform" rating and set a $24.00 price target on shares of Grindr in a research report on Monday. Citigroup reissued an "outperform" rating on shares of Grindr in a research report on Thursday, March 6th. Finally, Raymond James reaffirmed an "outperform" rating and set a $22.00 price objective on shares of Grindr in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grindr has an average rating of "Buy" and a consensus target price of $20.75.

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.