Grindr (NYSE:GRND) Hits New 12-Month High – Here’s What Happened

Grindr Inc. (NYSE:GRND)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $13.99 and last traded at $13.93, with a volume of 570624 shares trading hands. The stock had previously closed at $13.45.

Analysts Set New Price Targets

Separately, JMP Securities reissued a “market outperform” rating and issued a $17.00 target price on shares of Grindr in a report on Monday, July 15th.

Grindr Stock Performance

The business has a fifty day simple moving average of $12.39 and a 200-day simple moving average of $11.30. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -31.11 and a beta of 0.33.

Grindr (NYSE:GRND) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. Grindr had a negative net margin of 25.67% and a negative return on equity of 234.28%. The business had revenue of $82.35 million during the quarter, compared to analyst estimates of $77.40 million. On average, equities analysts anticipate that Grindr Inc. will post 0.25 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Kye Chen sold 16,187 shares of Grindr stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $11.68, for a total value of $189,064.16. Following the transaction, the chief accounting officer now directly owns 138,604 shares of the company’s stock, valued at $1,618,894.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 27,115 shares of company stock valued at $318,994 in the last three months. Insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Grindr by 16.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after purchasing an additional 1,667 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Grindr by 9.5% during the 2nd quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock worth $286,000 after buying an additional 2,050 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Grindr during the 3rd quarter worth approximately $27,000. Bleakley Financial Group LLC lifted its position in shares of Grindr by 9.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 27,188 shares of the company’s stock valued at $324,000 after acquiring an additional 2,371 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Grindr by 10.5% during the third quarter. SG Americas Securities LLC now owns 64,816 shares of the company’s stock worth $773,000 after acquiring an additional 6,168 shares in the last quarter. 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.