Grindr (NYSE:GRND) Shares Up 7.3% – Here’s Why

Grindr Inc. (NYSE:GRND) was up 7.3% during trading on Tuesday . The stock traded as high as $16.24 and last traded at $16.35. Approximately 568,939 shares were traded during trading, a decline of 62% from the average daily volume of 1,497,901 shares. The stock had previously closed at $15.24.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group started coverage on shares of Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price target on the stock. Raymond James restated an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a report on Thursday, February 6th. Finally, Citigroup reiterated an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grindr presently has an average rating of “Buy” and an average price target of $19.75.

Grindr Stock Up 8.3 %

The company has a market cap of $2.91 billion, a P/E ratio of -47.02 and a beta of 0.30. The firm’s 50 day moving average is $17.65 and its two-hundred day moving average is $15.17.

Insider Activity at Grindr

In other Grindr news, insider Zachary Katz sold 3,058 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $16.40, for a total transaction of $50,151.20. Following the sale, the insider now owns 580,606 shares of the company’s stock, valued at approximately $9,521,938.40. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 7,115 shares of company stock worth $121,757 over the last ninety days. Insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

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

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.