Grindr Inc. (NYSE:GRND) Sees Large Growth in Short Interest

Grindr Inc. (NYSE:GRND) saw a significant increase in short interest in January. As of January 15th, there was short interest totalling 6,820,000 shares, an increase of 33.5% from the December 31st total of 5,110,000 shares. Approximately 24.6% of the shares of the stock are sold short. Based on an average daily volume of 721,900 shares, the days-to-cover ratio is currently 9.4 days.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GRND. TD Cowen raised their price objective on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Raymond James restated an “outperform” rating and set a $21.00 price objective (up previously from $19.00) on shares of Grindr in a report on Friday, January 24th. The Goldman Sachs Group assumed coverage on Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Grindr in a research note on Monday, December 16th.

Insider Activity at Grindr

In related news, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total transaction of $43,729.40. Following the sale, the insider now owns 586,722 shares in the company, valued at approximately $8,390,124.60. This represents a 0.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director James Fu Bin Lu sold 750,000 shares of Grindr stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the transaction, the director now directly owns 31,540,655 shares of the company’s stock, valued at $477,525,516.70. The trade was a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,399,000 shares of company stock valued at $36,303,532 over the last 90 days. 76.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GRND. JPMorgan Chase & Co. boosted its stake 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 in the last quarter. Point72 Asset Management L.P. boosted its position in Grindr by 219.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock valued at $2,145,000 after acquiring an additional 123,600 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Grindr by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company’s stock valued at $2,287,000 after acquiring an additional 17,678 shares during the period. Graypoint LLC bought a new position in shares of Grindr in the 4th quarter worth $1,211,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Grindr during the 3rd quarter worth $365,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Grindr Stock Up 0.8 %

NYSE:GRND traded up $0.15 during midday trading on Friday, hitting $17.90. The stock had a trading volume of 1,211,304 shares, compared to its average volume of 944,479. The stock has a 50-day moving average of $16.79 and a 200 day moving average of $13.98. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -51.13 and a beta of 0.31. Grindr has a one year low of $7.93 and a one year high of $18.42.

Grindr (NYSE:GRND) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The firm had revenue of $89.33 million for the quarter, compared to the consensus estimate of $88.50 million. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. During the same period in the previous year, the company posted $0.06 EPS. On average, sell-side analysts anticipate that Grindr will post 0.29 earnings per share for the current fiscal year.

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.