Grindr (NYSE:GRND) Sets New 52-Week High – Should You Buy?

Grindr Inc. (NYSE:GRND) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.26 and last traded at $18.18, with a volume of 246352 shares trading hands. The stock had previously closed at $17.92.

Wall Street Analyst Weigh In

Several analysts recently commented on GRND shares. The Goldman Sachs Group began coverage on shares of Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price target on the stock. JMP Securities restated a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a research note on Monday, December 16th. TD Cowen increased their price target on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Raymond James raised their price objective on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, November 8th.

Grindr Trading Up 1.7 %

The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -52.09 and a beta of 0.37. The firm’s 50-day moving average is $15.12 and its two-hundred day moving average is $12.93.

Insiders Place Their Bets

In related news, CAO Kye Chen sold 4,964 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $11.81, for a total value of $58,624.84. Following the completion of the sale, the chief accounting officer now owns 130,598 shares of the company’s stock, valued at approximately $1,542,362.38. This trade represents a 3.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nathan Richardson sold 5,234 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.00, for a total value of $78,510.00. Following the completion of the sale, the director now owns 27,408 shares of the company’s stock, valued at approximately $411,120. The trade was a 16.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,405,870 shares of company stock valued at $36,366,731 in the last 90 days. 76.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Grindr

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC increased its position in shares of Grindr by 9,055.0% during the second quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock valued at $157,000 after acquiring an additional 12,677 shares during the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in Grindr in the 2nd quarter valued at approximately $670,000. Federated Hermes Inc. purchased a new stake in Grindr in the second quarter valued at approximately $3,640,000. Hsbc Holdings PLC lifted its stake in Grindr by 9.5% during the second quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock worth $286,000 after purchasing an additional 2,050 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Grindr during the second quarter worth $371,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

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.