Grindr Inc. (NYSE:GRND) Short Interest Up 18.5% in November

Grindr Inc. (NYSE:GRND) saw a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 6,080,000 shares, an increase of 18.5% from the November 15th total of 5,130,000 shares. Approximately 26.0% of the company’s shares are sold short. Based on an average daily volume of 594,200 shares, the short-interest ratio is presently 10.2 days.

Insider Activity at Grindr

In related news, CAO Kye Chen sold 4,964 shares of Grindr stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $11.81, for a total transaction of $58,624.84. Following the sale, the chief accounting officer now directly owns 130,598 shares in the company, valued at $1,542,362.38. The trade was a 3.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Fu Bin Lu sold 750,000 shares of the stock in a transaction on 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 completion of the transaction, the director now owns 31,540,655 shares of the company’s stock, valued at approximately $477,525,516.70. This trade represents a 2.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,405,870 shares of company stock worth $36,366,731 in the last 90 days. Company insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

A number of hedge funds and other institutional investors have recently bought and sold shares of GRND. nVerses Capital LLC bought a new stake in shares of Grindr during the 3rd quarter valued at $27,000. Point72 DIFC Ltd purchased a new position in shares of Grindr in the second quarter valued at about $136,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Grindr by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after acquiring an additional 1,667 shares during the period. Quest Partners LLC grew 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 worth $157,000 after purchasing an additional 12,677 shares in the last quarter. Finally, Centiva Capital LP purchased a new stake in shares of Grindr during the third quarter worth about $160,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analyst Ratings Changes

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

Grindr Price Performance

Shares of NYSE:GRND traded up $1.02 during midday trading on Monday, hitting $16.76. The company had a trading volume of 898,283 shares, compared to its average volume of 539,301. Grindr has a 12-month low of $7.83 and a 12-month high of $16.98. The company has a fifty day moving average of $14.17 and a two-hundred day moving average of $12.36. The company has a market cap of $2.96 billion, a price-to-earnings ratio of -48.49 and a beta of 0.37.

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.