Grindr Inc. (NYSE:GRND) Short Interest Update

Grindr Inc. (NYSE:GRND) was the recipient of a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 3,610,000 shares, a drop of 70.4% from the February 13th total of 12,190,000 shares. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is presently 2.7 days. Currently, 8.7% of the shares of the company are short sold.

Grindr Stock Down 2.1 %

NYSE GRND traded down $0.34 on Thursday, reaching $16.18. 913,185 shares of the stock traded hands, compared to its average volume of 1,567,131. Grindr has a 12 month low of $8.95 and a 12 month high of $19.20. The firm’s fifty day simple moving average is $17.59 and its 200 day simple moving average is $15.21. The company has a market cap of $2.86 billion, a price-to-earnings ratio of -46.21 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 dated Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total value of $55,026.00. Following the completion of the transaction, the insider now owns 577,549 shares in the company, valued at approximately $10,395,882. This represents a 0.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 7,115 shares of company stock worth $121,757 in the last ninety days. 76.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on GRND. JMP Securities reissued 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 began coverage on Grindr in a research note on Monday, December 16th. They issued a “buy” rating and a $20.00 price target for the company. Citigroup restated an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Finally, Raymond James reiterated an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $19.75.

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.