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

Grindr Inc. (NYSE:GRND) was the target of 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. Approximately 16.5% of the shares of the company are sold short. Based on an average daily trading volume, of 517,900 shares, the short-interest ratio is presently 9.4 days.

Grindr Stock Up 4.3 %

GRND stock traded up $0.61 during mid-day trading on Monday, hitting $14.76. The company had a trading volume of 545,328 shares, compared to its average volume of 528,128. The company has a market capitalization of $2.60 billion, a price-to-earnings 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. The company has a 50-day moving average price of $12.92 and a 200 day moving average price of $11.63.

Insider Buying and Selling at Grindr

In other news, insider Zachary Katz sold 3,058 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total transaction of $43,729.40. Following the completion of the sale, the insider now owns 586,722 shares of the company’s stock, valued at $8,390,124.60. The trade was a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Kye Chen sold 16,187 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $11.68, for a total transaction of $189,064.16. Following the completion of the transaction, the chief accounting officer now directly owns 138,604 shares of the company’s stock, valued at $1,618,894.72. This represents a 10.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 296,549 shares of company stock worth $4,195,896. Insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

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

Analysts Set New Price Targets

Several brokerages recently weighed in on GRND. Raymond James upped their target price on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. TD Cowen upped their target price on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th.

About Grindr

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.