Grindr (NYSE:GRND) Hits New 52-Week High – What’s Next?

Grindr Inc. (NYSE:GRND) shares hit a new 52-week high on Monday . The stock traded as high as $18.26 and last traded at $18.18, with a volume of 246352 shares. The stock had previously closed at $17.92.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GRND shares. Raymond James boosted their price target on Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. 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. JMP Securities reissued a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a research note on Monday, December 16th. Finally, The Goldman Sachs Group started coverage on shares of Grindr in a research report on Monday, December 16th. They issued a “buy” rating and a $20.00 target price on the stock.

Grindr Price Performance

The firm has a market capitalization of $3.15 billion, a PE ratio of -50.97 and a beta of 0.37. The stock has a 50-day moving average price of $15.31 and a 200-day moving average price of $13.05.

Insider Transactions at Grindr

In other news, Director James Fu Bin Lu sold 750,000 shares of Grindr stock in a transaction that occurred 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 sale, the director now owns 31,540,655 shares of the company’s stock, valued at approximately $477,525,516.70. The trade was a 2.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Zachary Katz sold 3,058 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,405,870 shares of company stock valued at $36,366,731. 76.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grindr

Several hedge funds have recently made changes to their positions in the business. Lord Abbett & CO. LLC acquired a new stake in shares of Grindr during the third quarter worth $7,720,000. Marshall Wace LLP raised its holdings in shares of Grindr by 124.0% during the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after acquiring an additional 347,626 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Grindr in the second quarter worth approximately $3,640,000. Discovery Capital Management LLC CT acquired a new stake in shares of Grindr during the 2nd quarter valued at $3,179,000. Finally, Yarra Square Partners LP purchased a new position in shares of Grindr during the 2nd quarter valued at $3,005,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

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.