Grindr (NYSE:GRND) Sets New 1-Year High – Still a Buy?

Grindr Inc. (NYSE:GRND) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $18.51 and last traded at $18.50, with a volume of 2154073 shares. The stock had previously closed at $18.00.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GRND. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 price objective on shares of Grindr in a report on Thursday, February 6th. The Goldman Sachs Group started coverage on Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 price objective for the company. TD Cowen boosted their price target on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Raymond James reissued an “outperform” rating and set a $21.00 price target (up previously from $19.00) on shares of Grindr in a report on Friday, January 24th.

Grindr Stock Up 2.8 %

The stock has a market cap of $3.27 billion, a P/E ratio of -52.86 and a beta of 0.30. The business has a 50 day moving average price of $17.20 and a two-hundred day moving average price of $14.33.

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 stock was 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 approximately $477,525,516.70. The trade was a 2.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $16.40, for a total value of $50,151.20. Following the completion of the sale, the insider now owns 580,606 shares in the company, valued at $9,521,938.40. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,129,566 shares of company stock valued at $32,426,630 over the last 90 days. Company insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

A number of hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in shares of Grindr by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 52,887 shares of the company’s stock worth $944,000 after buying an additional 623 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Grindr by 9.3% during the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock valued at $163,000 after purchasing an additional 1,166 shares during the period. Bleakley Financial Group LLC raised its position in Grindr by 5.6% during the fourth quarter. Bleakley Financial Group LLC now owns 28,712 shares of the company’s stock valued at $512,000 after purchasing an additional 1,524 shares during the period. Savant Capital LLC raised its position in Grindr by 9.6% during the fourth quarter. Savant Capital LLC now owns 19,325 shares of the company’s stock valued at $345,000 after purchasing an additional 1,689 shares during the period. Finally, nVerses Capital LLC purchased a new stake in Grindr during the third quarter valued at approximately $27,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

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.