Short Interest in Grindr Inc. (NYSE:GRND) Grows By 33.5%

Grindr Inc. (NYSE:GRND) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 6,820,000 shares, a growth of 33.5% from the December 15th total of 5,110,000 shares. Based on an average trading volume of 721,900 shares, the days-to-cover ratio is presently 9.4 days. Approximately 24.6% of the company’s shares are short sold.

Insider Buying and Selling at Grindr

In other Grindr news, Director James Fu Bin Lu sold 195,600 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total value of $2,814,684.00. Following the transaction, the director now directly owns 34,977,181 shares of the company’s stock, valued at approximately $503,321,634.59. The trade was a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $16.40, for a total value of $50,151.20. Following the transaction, the insider now owns 580,606 shares in the company, valued at $9,521,938.40. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,399,000 shares of company stock valued at $36,303,532. 76.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grindr

Hedge funds have recently modified their holdings of the company. nVerses Capital LLC purchased a new stake in shares of Grindr during the third quarter valued at approximately $27,000. Point72 DIFC Ltd purchased a new position in Grindr in the second quarter valued at about $136,000. Centiva Capital LP purchased a new position in Grindr in the third quarter valued at approximately $160,000. The Manufacturers Life Insurance Company lifted its holdings in Grindr by 9.3% during the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock valued at $163,000 after purchasing an additional 1,166 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Grindr during the 2nd quarter valued at approximately $189,000. Institutional investors own 7.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GRND. Raymond James upped their price objective on shares of Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, November 8th. TD Cowen increased their price target on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group initiated coverage on Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $21.00 target price on shares of Grindr in a research report on Monday, December 16th.

Grindr Stock Down 0.0 %

Grindr stock traded down $0.01 during midday trading on Thursday, hitting $16.92. 726,263 shares of the stock were exchanged, compared to its average volume of 884,266. Grindr has a 52-week low of $7.93 and a 52-week high of $18.42. The business’s 50-day moving average price is $16.14 and its 200-day moving average price is $13.55. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of -48.33 and a beta of 0.31.

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.