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

Grindr Inc. (NYSE:GRND) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totalling 5,840,000 shares, a growth of 46.0% from the March 15th total of 4,000,000 shares. Approximately 14.0% of the company’s stock are short sold. Based on an average trading volume of 1,700,000 shares, the short-interest ratio is currently 3.4 days.

Insider Buying and Selling

In other Grindr news, insider Zachary Katz sold 3,058 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.23, for a total value of $49,631.34. Following the transaction, the insider now owns 613,800 shares in the company, valued at $9,961,974. The trade was a 0.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders have sold 8,115 shares of company stock valued at $139,397. Corporate insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

A number of hedge funds have recently added to or reduced their stakes in GRND. GAMMA Investing LLC lifted its position in shares of Grindr by 45.5% in the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock worth $38,000 after buying an additional 662 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after acquiring an additional 642 shares during the last quarter. Quarry LP boosted its stake in Grindr by 209.2% in the fourth quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after acquiring an additional 2,316 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Grindr by 511.9% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock valued at $83,000 after purchasing an additional 3,880 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Grindr during the 4th quarter worth approximately $89,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a research note on Thursday, February 6th. Citigroup reaffirmed an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Finally, Raymond James reissued an “outperform” rating and set a $22.00 price target on shares of Grindr in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Grindr currently has an average rating of “Buy” and an average price target of $20.00.

Grindr Trading Up 3.5 %

Shares of GRND opened at $19.58 on Friday. Grindr has a 52 week low of $8.95 and a 52 week high of $19.65. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of -55.93 and a beta of 0.31. The stock has a 50 day moving average of $17.76 and a 200-day moving average of $16.35.

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.