Grindr (NYSE:GRND) Shares Gap Down – Time to Sell?

Grindr Inc. (NYSE:GRND)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $18.69, but opened at $17.14. Grindr shares last traded at $15.77, with a volume of 656,218 shares traded.

Analysts Set New Price Targets

GRND has been the topic of several analyst reports. TD Cowen lifted 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. The Goldman Sachs Group initiated coverage on shares of Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective on the stock. JMP Securities restated a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a research note on Thursday, February 6th. Finally, Raymond James reiterated an “outperform” rating and set a $21.00 price target (up from $19.00) on shares of Grindr in a research note on Friday, January 24th.

Grindr Stock Down 16.5 %

The stock has a fifty day moving average of $17.81 and a two-hundred day moving average of $15.08. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of -44.57 and a beta of 0.30.

Insider Transactions at Grindr

In related news, Director James Fu Bin Lu sold 750,000 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total value of $11,355,000.00. Following the sale, the director now directly owns 31,540,655 shares in the company, valued at $477,525,516.70. The trade was a 2.32 % 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 3,057 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total transaction of $55,026.00. Following the transaction, the insider now owns 577,549 shares of the company’s stock, valued at $10,395,882. This trade represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 757,115 shares of company stock valued at $11,476,757 in the last ninety days. 76.40% of the stock is currently owned by company insiders.

Institutional Trading of Grindr

Several large investors have recently modified their holdings of GRND. PharVision Advisers LLC purchased a new stake in Grindr in the 4th quarter valued at approximately $248,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Grindr in the fourth quarter worth $884,000. Voloridge Investment Management LLC lifted its position in shares of Grindr by 251.8% in the fourth 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 purchased a new stake in Grindr during the 4th quarter worth about $7,436,000. Finally, Squarepoint Ops LLC raised its stake in Grindr by 32.4% in the 4th quarter. Squarepoint Ops LLC now owns 496,401 shares of the company’s stock valued at $8,856,000 after purchasing an additional 121,530 shares during the last quarter. 7.22% of the stock is currently 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.