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

Grindr Inc. (NYSE:GRND) was the target 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 trading volume, of 1,070,000 shares, the short-interest ratio is currently 11.4 days.

Grindr Trading Up 3.6 %

Shares of GRND stock opened at $18.70 on Thursday. The company has a market cap of $3.30 billion, a P/E ratio of -53.41 and a beta of 0.30. The firm has a fifty day moving average price of $17.81 and a 200 day moving average price of $15.08. Grindr has a 12 month low of $7.97 and a 12 month high of $19.20.

Insider Activity

In related news, Director James Fu Bin Lu sold 750,000 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the completion of the transaction, the director now owns 31,540,655 shares of the company’s stock, valued at approximately $477,525,516.70. This trade represents a 2.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $16.40, for a total transaction of $50,151.20. Following the transaction, the insider now directly owns 580,606 shares of the company’s stock, valued at $9,521,938.40. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 757,115 shares of company stock valued at $11,476,757 in the last 90 days. Company insiders own 76.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its stake in Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after purchasing an additional 642 shares during the last quarter. Quarry LP raised its holdings in Grindr by 209.2% during the fourth quarter. Quarry LP now owns 3,423 shares of the company’s stock worth $61,000 after purchasing an additional 2,316 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its holdings in Grindr by 511.9% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock worth $83,000 after purchasing an additional 3,880 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Grindr during the 4th quarter worth approximately $89,000. Finally, R Squared Ltd acquired a new position in shares of Grindr in the 4th quarter valued at $101,000. 7.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GRND. TD Cowen increased their price objective on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price objective on shares of Grindr in a research report on Thursday, February 6th. Raymond James reissued an “outperform” rating and issued a $21.00 price target (up previously from $19.00) on shares of Grindr in a research report on Friday, January 24th. Finally, The Goldman Sachs Group assumed coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price objective on the 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.