Grindr Inc. (NYSE:GRND) Sees Large Growth in Short Interest

Grindr Inc. (NYSE:GRND) was the target of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 6,820,000 shares, an increase of 33.5% from the December 31st total of 5,110,000 shares. Based on an average daily volume of 721,900 shares, the days-to-cover ratio is presently 9.4 days. Currently, 24.6% of the company’s stock are short sold.

Insiders Place Their Bets

In other news, insider Zachary Katz sold 3,058 shares of the 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 sale, the insider now directly owns 586,722 shares of the company’s stock, valued at approximately $8,390,124.60. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Nathan Richardson sold 4,766 shares of Grindr stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $71,490.00. Following the completion of the transaction, the director now directly owns 22,642 shares of the company’s stock, valued at approximately $339,630. This represents a 17.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,399,000 shares of company stock worth $36,303,532. 76.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. nVerses Capital LLC bought a new position in shares of Grindr in the third quarter worth about $27,000. R Squared Ltd bought a new position in Grindr in the 4th quarter worth approximately $101,000. Point72 DIFC Ltd bought a new stake in shares of Grindr during the second quarter valued at approximately $136,000. Centiva Capital LP purchased a new position in shares of Grindr in the third quarter worth $160,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Grindr by 9.3% during the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock worth $163,000 after acquiring an additional 1,166 shares during the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a research report on Monday, December 16th. Raymond James reiterated an “outperform” rating and set a $21.00 price objective (up previously from $19.00) on shares of Grindr in a research report on Friday, January 24th. TD Cowen raised their target price on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group started coverage on shares of Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price target for the company.

Grindr Trading Up 0.8 %

NYSE GRND traded up $0.15 on Friday, hitting $17.90. 1,211,304 shares of the company traded hands, compared to its average volume of 944,479. The business’s 50 day moving average price is $16.79 and its 200-day moving average price is $13.98. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -51.13 and a beta of 0.31. Grindr has a 52-week low of $7.93 and a 52-week high of $18.42.

Grindr (NYSE:GRND) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. The company had revenue of $89.33 million for the quarter, compared to the consensus estimate of $88.50 million. During the same quarter last year, the firm posted $0.06 earnings per share. As a group, sell-side analysts predict that Grindr will post 0.29 earnings per share for the current year.

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.