Grindr Inc. (NYSE:GRND) Short Interest Down 70.4% in February

Grindr Inc. (NYSE:GRND) was the target of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 3,610,000 shares, a decline of 70.4% from the February 13th total of 12,190,000 shares. Approximately 8.7% of the company’s shares are sold short. Based on an average daily volume of 1,360,000 shares, the short-interest ratio is currently 2.7 days.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 3,057 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total value of $55,026.00. Following the transaction, the insider now owns 577,549 shares in the company, valued at approximately $10,395,882. This trade represents a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 11,173 shares of company stock valued at $187,729 over the last three months. Insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

Several large investors have recently added to or reduced their stakes in the business. BIT Capital GmbH lifted its position in shares of Grindr by 9.6% during the 4th quarter. BIT Capital GmbH now owns 3,989,058 shares of the company’s stock valued at $71,165,000 after buying an additional 349,189 shares in the last quarter. Marshall Wace LLP raised its stake in Grindr by 85.2% during the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company’s stock worth $19,928,000 after acquiring an additional 513,770 shares during the period. Lord Abbett & CO. LLC lifted its holdings in Grindr by 50.6% during the fourth quarter. Lord Abbett & CO. LLC now owns 974,308 shares of the company’s stock valued at $17,382,000 after purchasing an additional 327,208 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Grindr by 101.3% in the fourth quarter. Federated Hermes Inc. now owns 866,058 shares of the company’s stock worth $15,450,000 after purchasing an additional 435,748 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in shares of Grindr by 37.0% in the fourth quarter. Nuveen Asset Management LLC now owns 792,916 shares of the company’s stock worth $14,146,000 after purchasing an additional 214,102 shares in the last quarter. 7.22% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on GRND. Citigroup restated an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. Raymond James restated an “outperform” rating on shares of Grindr in a report on Thursday, March 6th. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of Grindr in a report on Thursday, February 6th. Finally, 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 for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $19.75.

Grindr Trading Up 3.3 %

NYSE:GRND traded up $0.55 during mid-day trading on Friday, reaching $16.94. The company’s stock had a trading volume of 2,262,334 shares, compared to its average volume of 1,609,715. The stock has a market cap of $2.99 billion, a P/E ratio of -48.40 and a beta of 0.30. The firm’s fifty day moving average price is $17.54 and its two-hundred day moving average price is $15.25. Grindr has a 12-month low of $8.95 and a 12-month high of $19.20.

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.