Grindr (NYSE:GRND) Hits New 52-Week High – Still a Buy?

Grindr Inc. (NYSE:GRND) shares hit a new 52-week high on Monday . The company traded as high as $18.79 and last traded at $18.84, with a volume of 1717514 shares changing hands. The stock had previously closed at $17.98.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GRND. JMP Securities reissued 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 reiterated an “outperform” rating and set a $21.00 target price (up previously from $19.00) on shares of Grindr in a report on Friday, January 24th. The Goldman Sachs Group started coverage on Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price objective for the company. Finally, TD Cowen boosted 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.

Grindr Trading Up 6.1 %

The firm’s 50 day simple moving average is $17.63 and its 200-day simple moving average is $14.73. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of -54.50 and a beta of 0.30.

Insider Activity at Grindr

In other Grindr news, insider Zachary Katz sold 3,057 shares of the company’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James Fu Bin Lu sold 692,211 shares of Grindr stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $15.37, for a total transaction of $10,639,283.07. Following the completion of the transaction, the director now directly owns 32,968,400 shares of the company’s stock, valued at approximately $506,724,308. This trade represents a 2.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,132,623 shares of company stock valued at $32,481,656. 76.40% of the stock is owned by insiders.

Institutional Trading of Grindr

A number of hedge funds have recently made changes to their positions in the business. PharVision Advisers LLC bought a new stake in shares of Grindr during the fourth quarter worth approximately $248,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Grindr during the 4th quarter worth $884,000. Voloridge Investment Management LLC raised its holdings in Grindr by 251.8% in the 4th quarter. Voloridge Investment Management LLC now owns 451,000 shares of the company’s stock valued at $8,046,000 after acquiring an additional 322,792 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Grindr during the 4th quarter valued at $7,436,000. Finally, Squarepoint Ops LLC lifted its position in shares of Grindr by 32.4% during the 4th quarter. Squarepoint Ops LLC now owns 496,401 shares of the company’s stock valued at $8,856,000 after acquiring an additional 121,530 shares during the period. 7.22% of the stock is owned by institutional investors and hedge funds.

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.