Grindr (NYSE:GRND) Trading Down 4.9% – Here’s What Happened

Grindr Inc. (NYSE:GRND)’s share price dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $17.38 and last traded at $17.70. Approximately 1,368,017 shares traded hands during trading, an increase of 9% from the average daily volume of 1,256,868 shares. The stock had previously closed at $18.60.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GRND shares. TD Cowen boosted their price target on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Raymond James reissued an “outperform” rating and issued a $21.00 price objective (up previously from $19.00) on shares of Grindr in a research note on Friday, January 24th. JMP Securities restated 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 report on Monday, December 16th. They issued a “buy” rating and a $20.00 price target on the stock.

Grindr Trading Down 3.2 %

The stock has a market cap of $3.18 billion, a PE ratio of -51.46 and a beta of 0.30. The business’s 50-day moving average price is $17.78 and its 200-day moving average price is $15.01.

Insider Buying and Selling at Grindr

In related news, insider Zachary Katz sold 3,057 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $18.00, for a total transaction of $55,026.00. Following the transaction, the insider now directly owns 577,549 shares of the company’s stock, valued at $10,395,882. This represents a 0.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James Fu Bin Lu sold 692,211 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $15.37, for a total value of $10,639,283.07. Following the sale, the director now owns 32,968,400 shares in the company, valued at $506,724,308. The trade was a 2.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,449,326 shares of company stock worth $22,116,040 over the last three months. Corporate insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

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