Grindr (NYSE:GRND) Shares Down 4.9% – Here’s Why

Grindr Inc. (NYSE:GRND) shares fell 4.9% on Tuesday . The stock traded as low as $17.38 and last traded at $17.70. 1,368,017 shares were traded during mid-day trading, an increase of 9% from the average session volume of 1,256,868 shares. The stock had previously closed at $18.60.

Analyst Ratings Changes

GRND has been the subject of several research reports. The Goldman Sachs Group initiated coverage on shares of Grindr in a research report on Monday, December 16th. They set a “buy” rating and a $20.00 price objective for the company. Raymond James reaffirmed an “outperform” rating and issued a $21.00 price target (up previously from $19.00) on shares of Grindr in a report on Friday, January 24th. JMP Securities reiterated a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a research report on Thursday, February 6th. Finally, TD Cowen upped their price objective on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Grindr Price Performance

The firm has a market cap of $3.18 billion, a P/E ratio of -51.46 and a beta of 0.30. The stock’s 50-day simple moving average is $17.78 and its two-hundred day simple moving average is $15.01.

Insider Activity at Grindr

In other Grindr news, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $16.40, for a total value of $50,151.20. Following the sale, the insider now owns 580,606 shares in the company, valued at $9,521,938.40. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Fu Bin Lu sold 692,211 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $15.37, for a total transaction of $10,639,283.07. Following the sale, the director now directly owns 32,968,400 shares of the company’s stock, valued at $506,724,308. This represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,449,326 shares of company stock worth $22,116,040. Insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bwcp LP bought a new position in Grindr in the 4th quarter worth about $12,088,000. Lord Abbett & CO. LLC purchased a new stake in shares of Grindr in the third quarter valued at approximately $7,720,000. Sellaronda Global Management LP bought a new position in Grindr in the fourth quarter worth approximately $10,704,000. Marshall Wace LLP increased its holdings in Grindr by 85.2% during the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company’s stock worth $19,928,000 after purchasing an additional 513,770 shares during the period. Finally, Federated Hermes Inc. raised its position in Grindr by 101.3% during the 4th quarter. Federated Hermes Inc. now owns 866,058 shares of the company’s stock valued at $15,450,000 after purchasing an additional 435,748 shares in the last quarter. Institutional investors own 7.22% of the company’s stock.

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.