Grindr Inc. (NYSE:GRND) Short Interest Up 5.8% in November

Grindr Inc. (NYSE:GRND) was the recipient of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 5,130,000 shares, an increase of 5.8% from the October 31st total of 4,850,000 shares. Based on an average daily trading volume, of 537,600 shares, the days-to-cover ratio is presently 9.5 days. Currently, 22.9% of the company’s shares are sold short.

Grindr Stock Up 1.6 %

NYSE:GRND traded up $0.24 during mid-day trading on Tuesday, hitting $15.40. 500,953 shares of the company traded hands, compared to its average volume of 532,952. The stock’s fifty day moving average price is $13.52 and its 200-day moving average price is $11.97. Grindr has a one year low of $6.72 and a one year high of $15.50. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of -43.97 and a beta of 0.37.

Insider Transactions at Grindr

In related news, Director James Fu Bin Lu sold 195,600 shares of Grindr stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total transaction of $2,814,684.00. Following the sale, the director now directly owns 34,977,181 shares in the company, valued at $503,321,634.59. The trade was a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the sale, the insider now owns 586,722 shares in the company, valued at $8,390,124.60. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 296,549 shares of company stock worth $4,195,896. 76.40% of the stock is currently owned by insiders.

Institutional Trading of Grindr

Several hedge funds have recently bought and sold shares of the stock. nVerses Capital LLC bought a new position in Grindr during the third quarter valued at approximately $27,000. Point72 DIFC Ltd bought a new position in Grindr in the second quarter worth approximately $136,000. Price T Rowe Associates Inc. MD grew its stake in Grindr by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after purchasing an additional 1,667 shares in the last quarter. Quest Partners LLC boosted its position in Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock valued at $157,000 after acquiring an additional 12,677 shares in the last quarter. Finally, Centiva Capital LP bought a new stake in Grindr during the 3rd quarter valued at $160,000. Institutional investors own 7.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GRND. TD Cowen lifted their price target on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Raymond James lifted their price objective on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, November 8th.

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.