Grindr (NYSE:GRND) Reaches New 1-Year High – Still a Buy?

Grindr Inc. (NYSE:GRND)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $15.44 and last traded at $15.39, with a volume of 201114 shares trading hands. The stock had previously closed at $15.16.

Analyst Ratings Changes

GRND has been the subject of several research reports. TD Cowen raised their price objective on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Raymond James upped their price target on shares of 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 0.9 %

The firm has a market capitalization of $2.70 billion, a PE ratio of -43.97 and a beta of 0.37. The business’s 50-day moving average price is $13.52 and its 200-day moving average price is $11.97.

Insider Transactions at Grindr

In other news, CFO Vandana Mehta-Krantz sold 60,776 shares of Grindr stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $14.29, for a total transaction of $868,489.04. Following the sale, the chief financial officer now directly owns 722,126 shares in the company, valued at approximately $10,319,180.54. The trade was a 7.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Fu Bin Lu sold 195,600 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $14.39, for a total transaction of $2,814,684.00. Following the completion of the sale, the director now directly owns 34,977,181 shares in the company, valued at approximately $503,321,634.59. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 296,549 shares of company stock valued at $4,195,896. 76.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Grindr

A number of hedge funds have recently made changes to their positions in GRND. nVerses Capital LLC bought a new position in Grindr in the 3rd quarter valued at $27,000. Point72 DIFC Ltd acquired a new position in Grindr in the second quarter valued at approximately $136,000. Price T Rowe Associates Inc. MD boosted its stake in Grindr by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after acquiring an additional 1,667 shares during the last quarter. Quest Partners LLC grew its holdings in Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after acquiring an additional 12,677 shares during the period. Finally, Centiva Capital LP acquired a new position in shares of Grindr in the 3rd quarter valued at $160,000. 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.