Short Interest in Grindr Inc. (NYSE:GRND) Expands By 12.3%

Grindr Inc. (NYSE:GRND) saw a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 4,850,000 shares, an increase of 12.3% from the October 15th total of 4,320,000 shares. Currently, 16.5% of the shares of the company are sold short. Based on an average daily volume of 517,900 shares, the short-interest ratio is presently 9.4 days.

Analysts Set New Price Targets

GRND has been the topic of a number of recent research reports. TD Cowen upped their price target 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 increased their target price on Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th.

Insider Transactions at Grindr

In other news, CAO Kye Chen sold 4,964 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 130,598 shares in the company, valued at approximately $1,542,362.38. This represents a 3.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Fu Bin Lu sold 195,600 shares of the business’s stock in a transaction dated 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 sale, the director now owns 34,977,181 shares in the company, valued at $503,321,634.59. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 296,549 shares of company stock worth $4,195,896 in the last quarter. Insiders own 76.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in Grindr by 7.5% during the third quarter. Geode Capital Management LLC now owns 514,520 shares of the company’s stock worth $6,139,000 after buying an additional 36,001 shares in the last quarter. Barclays PLC boosted its position in shares of Grindr by 106.8% during the 3rd quarter. Barclays PLC now owns 72,580 shares of the company’s stock valued at $865,000 after acquiring an additional 37,477 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new position in shares of Grindr during the third quarter worth about $278,000. Petrus Trust Company LTA increased its position in shares of Grindr by 330.7% in the third quarter. Petrus Trust Company LTA now owns 60,312 shares of the company’s stock worth $720,000 after purchasing an additional 46,309 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Grindr by 219.9% in the third quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock valued at $2,145,000 after purchasing an additional 123,600 shares in the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Grindr Stock Up 4.3 %

NYSE:GRND traded up $0.61 during mid-day trading on Monday, hitting $14.76. 545,328 shares of the stock traded hands, compared to its average volume of 528,128. The business’s 50-day moving average price is $12.92 and its 200 day moving average price is $11.63. The company has a market cap of $2.60 billion, a PE ratio of -42.16 and a beta of 0.33. Grindr has a 12-month low of $6.12 and a 12-month high of $15.21.

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.