Grindr (NYSE:GRND) Sets New 1-Year High – What’s Next?

Grindr Inc. (NYSE:GRND) shares reached a new 52-week high during trading on Monday . The company traded as high as $16.34 and last traded at $16.34, with a volume of 615 shares trading hands. The stock had previously closed at $15.94.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GRND. TD Cowen raised their target price on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Raymond James raised their target price on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, November 8th.

Grindr Trading Up 1.8 %

The company has a market cap of $2.79 billion, a PE ratio of -45.09 and a beta of 0.37. The stock has a 50 day moving average price of $13.93 and a 200 day moving average price of $12.23.

Insider Activity at Grindr

In related news, Director Nathan Richardson sold 5,234 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.00, for a total transaction of $78,510.00. Following the completion of the transaction, the director now owns 27,408 shares of the company’s stock, valued at $411,120. This trade represents a 16.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the firm’s 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 transaction, the insider now directly owns 586,722 shares of the company’s stock, valued at approximately $8,390,124.60. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,655,870 shares of company stock valued at $25,011,731 in the last 90 days. Corporate insiders own 76.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Grindr by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock worth $5,778,000 after purchasing an additional 30,574 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Grindr by 16.5% in the 1st 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. SG Americas Securities LLC bought a new stake in shares of Grindr in the 2nd quarter worth $718,000. Quest Partners LLC increased its holdings in shares of Grindr by 9,055.0% in the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after purchasing an additional 12,677 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. bought a new stake in shares of Grindr in the 2nd quarter worth $670,000. Institutional investors own 7.22% of the company’s stock.

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.