Grindr (NYSE:GRND) Reaches New 52-Week High – Time to Buy?

Grindr Inc. (NYSE:GRND) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $17.77 and last traded at $17.46, with a volume of 191428 shares trading hands. The stock had previously closed at $17.31.

Analysts Set New Price Targets

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

Grindr Price Performance

The business has a 50-day moving average of $14.60 and a two-hundred day moving average of $12.63. The company has a market cap of $3.10 billion, a P/E ratio of -50.20 and a beta of 0.37.

Insider Buying and Selling at Grindr

In other Grindr news, CAO Kye Chen sold 4,964 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $11.81, for a total transaction of $58,624.84. Following the transaction, the chief accounting officer now owns 130,598 shares in the company, valued at approximately $1,542,362.38. This represents a 3.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Zachary Katz sold 3,058 shares of Grindr 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 of the company’s stock, valued at $8,390,124.60. 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 ninety days, insiders sold 2,405,870 shares of company stock valued at $36,366,731. 76.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grindr

Several hedge funds have recently made changes to their positions in GRND. nVerses Capital LLC purchased a new position in Grindr during the 3rd quarter worth approximately $27,000. Point72 DIFC Ltd acquired a new stake in shares of Grindr in the second quarter worth $136,000. Quest Partners LLC raised its holdings in shares of Grindr by 9,055.0% during the second quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after purchasing an additional 12,677 shares during the last quarter. Centiva Capital LP acquired a new position in Grindr during the third quarter valued at $160,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Grindr by 9.3% in 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. 7.22% of the stock is owned by institutional investors and hedge funds.

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.