Grindr (NYSE:GRND) Reaches New 52-Week High – Here’s Why

Grindr Inc. (NYSE:GRND) hit a new 52-week high on Monday . The company traded as high as $15.39 and last traded at $15.22, with a volume of 21997 shares trading hands. The stock had previously closed at $15.05.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GRND. TD Cowen raised their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Raymond James raised their price objective on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th.

Grindr Price Performance

The company has a 50-day moving average price of $13.23 and a 200-day moving average price of $11.79.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total value of $43,729.40. Following the completion of the sale, the insider now owns 586,722 shares of the company’s stock, valued at $8,390,124.60. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Fu Bin Lu sold 195,600 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.39, for a total value of $2,814,684.00. Following the completion of the transaction, the director now owns 34,977,181 shares of the company’s stock, valued at $503,321,634.59. The trade was a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 296,549 shares of company stock valued at $4,195,896 in the last ninety days. Insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in Grindr during the second quarter worth approximately $718,000. Yarra Square Partners LP purchased a new position in shares of Grindr in the 2nd quarter worth $3,005,000. Federated Hermes Inc. acquired a new position in Grindr in the second quarter valued at $3,640,000. Point72 Asset Management L.P. purchased a new stake in Grindr during the second quarter valued at about $688,000. Finally, Discovery Capital Management LLC CT acquired a new stake in Grindr during the second quarter worth about $3,179,000. 7.22% of the stock is 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.