Grindr Inc. (NYSE:GRND) Short Interest Update

Grindr Inc. (NYSE:GRND) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 4,270,000 shares, a growth of 10.3% from the September 15th total of 3,870,000 shares. Based on an average daily trading volume, of 532,600 shares, the short-interest ratio is presently 8.0 days. Approximately 14.3% of the company’s stock are sold short.

Grindr Price Performance

Shares of NYSE GRND traded down $0.41 during mid-day trading on Thursday, hitting $12.42. 233,661 shares of the company were exchanged, compared to its average volume of 522,402. The stock has a 50 day simple moving average of $12.06 and a 200-day simple moving average of $11.04. Grindr has a 1-year low of $5.71 and a 1-year high of $13.25.

Grindr (NYSE:GRND) last released its earnings results on Thursday, August 8th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.02. The company had revenue of $82.35 million for the quarter, compared to analysts’ expectations of $77.40 million. Grindr had a negative return on equity of 234.28% and a negative net margin of 25.67%. Sell-side analysts forecast that Grindr will post 0.25 EPS for the current year.

Insider Buying and Selling at Grindr

In other news, CAO Kye Chen sold 16,187 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $11.68, for a total value of $189,064.16. Following the sale, the chief accounting officer now directly owns 138,604 shares in the company, valued at approximately $1,618,894.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 27,115 shares of company stock valued at $318,994 in the last 90 days. Company insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP purchased a new position in Grindr in the first quarter valued at about $545,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Grindr in the 1st quarter worth approximately $209,000. Vanguard Group Inc. increased its stake in Grindr by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 570,351 shares of the company’s stock valued at $5,778,000 after purchasing an additional 30,574 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Grindr by 16.5% during 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 during the last quarter. Finally, Simplicity Wealth LLC purchased a new stake in Grindr during the second quarter worth $303,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on GRND. Raymond James lifted their price target on shares of Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, June 27th. TD Cowen lifted their price objective on shares of Grindr from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Finally, JMP Securities reissued a “market outperform” rating and issued a $17.00 target price on shares of Grindr in a report on Monday, July 15th.

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.