Grindr (NYSE:GRND) Shares Gap Up to $9.76

Grindr Inc. (NYSE:GRND)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $9.76, but opened at $9.98. Grindr shares last traded at $9.90, with a volume of 39,872 shares.

Analysts Set New Price Targets

Separately, TD Cowen initiated coverage on Grindr in a research note on Thursday. They set a “buy” rating and a $12.00 price objective for the company.

Grindr Stock Performance

The company has a debt-to-equity ratio of 13.21, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of -30.50 and a beta of 0.24. The stock has a 50-day moving average of $8.94 and a 200 day moving average of $7.60.

Institutional Investors Weigh In On Grindr

Hedge funds and other institutional investors have recently bought and sold shares of the company. Alta Fox Capital Management LLC acquired a new position in shares of Grindr during the 3rd quarter worth approximately $1,162,000. Wells Fargo & Company MN increased its holdings in shares of Grindr by 10,016.7% during the 2nd quarter. Wells Fargo & Company MN now owns 16,996 shares of the company’s stock worth $94,000 after acquiring an additional 16,828 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Grindr during the 4th quarter worth approximately $89,000. The Manufacturers Life Insurance Company bought a new stake in Grindr in the 2nd quarter valued at $87,000. Finally, California State Teachers Retirement System bought a new stake in Grindr in the 2nd quarter valued at $75,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Grindr Company Profile

Grindr Inc operates social network platform for the LGBTQ community. Its platform enables gay, bisexual, transgender, and queer people to find and engage with each other, share content and experiences, and express themselves. It offers ad-supported service and a premium subscription version; and manages Blendr, a dating service application.