Short Interest in Grindr Inc. (NYSE:GRND) Rises By 34.3%

Grindr Inc. (NYSE:GRND) was the recipient of a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 12,190,000 shares, an increase of 34.3% from the January 31st total of 9,080,000 shares. Based on an average daily volume of 1,070,000 shares, the short-interest ratio is presently 11.4 days.

Wall Street Analyst Weigh In

GRND has been the subject of several analyst reports. TD Cowen upped their price objective on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group initiated coverage on Grindr in a research note on Monday, December 16th. They set a “buy” rating and a $20.00 price objective for the company. Raymond James reaffirmed an “outperform” rating and set a $21.00 price objective (up from $19.00) on shares of Grindr in a research note on Friday, January 24th. Finally, JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Grindr in a research note on Thursday, February 6th.

Insider Buying and Selling

In other Grindr news, Director James Fu Bin Lu sold 750,000 shares of the company’s 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 completion of the sale, the director now directly owns 31,540,655 shares of the company’s stock, valued at $477,525,516.70. This represents a 2.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Zachary Katz sold 3,057 shares of the company’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 sale, the insider now directly owns 577,549 shares of the company’s stock, valued at approximately $10,395,882. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 757,115 shares of company stock worth $11,476,757 in the last 90 days. Company insiders own 76.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. BIT Capital GmbH raised its position in 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 acquiring an additional 349,189 shares in the last quarter. Marshall Wace LLP raised its position in Grindr by 85.2% in the fourth 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 in the last quarter. Lord Abbett & CO. LLC increased its position in shares of Grindr by 50.6% in the fourth quarter. Lord Abbett & CO. LLC now owns 974,308 shares of the company’s stock valued at $17,382,000 after buying an additional 327,208 shares in the last quarter. Federated Hermes Inc. increased 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 valued at $15,450,000 after buying an additional 435,748 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position 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 valued at $14,146,000 after buying an additional 214,102 shares in the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Grindr Stock Performance

NYSE:GRND opened at $18.70 on Thursday. The stock has a fifty day moving average price of $17.81 and a two-hundred day moving average price of $15.08. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of -53.41 and a beta of 0.30. Grindr has a 1 year low of $7.97 and a 1 year high of $19.20.

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.