Short Interest in Grindr Inc. (NYSE:GRND) Grows By 5.8%

Grindr Inc. (NYSE:GRND) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 5,130,000 shares, an increase of 5.8% from the October 31st total of 4,850,000 shares. Approximately 22.9% of the company’s stock are sold short. Based on an average trading volume of 537,600 shares, the short-interest ratio is presently 9.5 days.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on GRND shares. TD Cowen lifted their price objective on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Raymond James upped their price target on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th.

Insider Activity

In other Grindr news, Director James Fu Bin Lu sold 195,600 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.39, for a total transaction of $2,814,684.00. Following the transaction, the director now owns 34,977,181 shares of the company’s stock, valued at approximately $503,321,634.59. This trade represents a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction that occurred 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 transaction, the insider now directly owns 586,722 shares in the company, valued at approximately $8,390,124.60. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 296,549 shares of company stock worth $4,195,896. Corporate insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC purchased a new stake in Grindr in the 3rd quarter worth approximately $27,000. Price T Rowe Associates Inc. MD increased its position in Grindr by 16.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after purchasing an additional 1,667 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of Grindr in the 2nd quarter valued at $136,000. Quest Partners LLC boosted its position in shares of Grindr by 9,055.0% in the second quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after buying an additional 12,677 shares during the period. Finally, Centiva Capital LP purchased a new position in Grindr in the 3rd quarter worth approximately $160,000. 7.22% of the stock is owned by institutional investors and hedge funds.

Grindr Price Performance

Shares of NYSE GRND traded up $0.14 on Wednesday, hitting $15.43. The company’s stock had a trading volume of 117,927 shares, compared to its average volume of 534,235. The stock has a 50 day moving average of $13.58 and a 200-day moving average of $12.01. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of -43.66 and a beta of 0.37. Grindr has a 12-month low of $7.03 and a 12-month high of $15.53.

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.