Grindr (NYSE:GRND) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Grindr Inc. (NYSE:GRND) saw an uptick in trading volume on Friday . 1,400,943 shares changed hands during mid-day trading, a decline of 1% from the previous session’s volume of 1,410,290 shares.The stock last traded at $14.80 and had previously closed at $15.70.

Analysts Set New Price Targets

GRND has been the topic of several research reports. Raymond James restated an “outperform” rating and set a $21.00 price target (up from $19.00) on shares of Grindr in a research note on Friday, January 24th. JMP Securities restated a “market outperform” rating and issued a $21.00 target price on shares of Grindr in a research note on Thursday, February 6th. Finally, The Goldman Sachs Group started coverage on shares of Grindr in a research note on Monday, December 16th. They set a “buy” rating and a $20.00 price target on the stock.

Grindr Stock Down 3.4 %

The business has a fifty day simple moving average of $17.81 and a two-hundred day simple moving average of $15.08. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -43.39 and a beta of 0.30.

Insider Buying and Selling at Grindr

In other Grindr news, Director James Fu Bin Lu sold 750,000 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the sale, the director now directly owns 31,540,655 shares of the company’s stock, valued at approximately $477,525,516.70. This represents a 2.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Zachary Katz sold 3,057 shares of Grindr stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total transaction of $55,026.00. Following the completion of the transaction, the insider now owns 577,549 shares of the company’s stock, valued at $10,395,882. This trade represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 757,115 shares of company stock worth $11,476,757 over the last three months. 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 made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in Grindr by 66.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 232,343 shares of the company’s stock worth $2,772,000 after acquiring an additional 93,005 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Grindr by 219.9% during 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 during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Grindr by 10.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 191,686 shares of the company’s stock valued at $2,287,000 after purchasing an additional 17,678 shares during the last quarter. Graypoint LLC acquired a new stake in shares of Grindr in the fourth quarter valued at approximately $1,211,000. Finally, Principal Financial Group Inc. bought a new position in Grindr in the 3rd quarter valued at $365,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.