Grindr (NYSE:GRND) Sets New 12-Month 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 $16.41 and last traded at $16.41, with a volume of 1556 shares trading hands. The stock had previously closed at $15.74.

Analyst Ratings Changes

GRND has been the subject of a number of research analyst reports. TD Cowen increased 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. The Goldman Sachs Group initiated coverage on shares of Grindr in a report on Monday. They issued a “buy” rating and a $20.00 price target for the company. Raymond James increased their price target on shares of Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a report on Monday.

Grindr Stock Performance

The company’s fifty day simple moving average is $14.35 and its two-hundred day simple moving average is $12.47. The stock has a market capitalization of $2.97 billion, a PE ratio of -48.00 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 firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $11.81, for a total transaction of $58,624.84. Following the completion of the transaction, the chief accounting officer now directly owns 130,598 shares in the company, valued at approximately $1,542,362.38. This trade represents a 3.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Fu Bin Lu sold 692,211 shares of Grindr stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $15.37, for a total transaction of $10,639,283.07. Following the sale, the director now owns 32,968,400 shares of the company’s stock, valued at approximately $506,724,308. This trade represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,405,870 shares of company stock worth $36,366,731. 76.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Grindr

A number of hedge funds and other institutional investors have recently modified their holdings of GRND. nVerses Capital LLC purchased a new stake in shares of Grindr during the third quarter worth about $27,000. Point72 DIFC Ltd purchased a new stake in shares of Grindr during the second quarter worth about $136,000. Quest Partners LLC grew 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 buying an additional 12,677 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Grindr during the third quarter worth about $160,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Grindr by 9.3% during the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock worth $163,000 after buying an additional 1,166 shares in the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

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.