Short Interest in Grindr Inc. (NYSE:GRND) Rises By 46.0%

Grindr Inc. (NYSE:GRND) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 5,840,000 shares, an increase of 46.0% from the March 15th total of 4,000,000 shares. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is presently 3.4 days. Currently, 14.0% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Grindr in a research report on Thursday, February 6th. Citigroup reaffirmed an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Finally, Raymond James reissued an “outperform” rating and set a $22.00 price objective on shares of Grindr in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $20.00.

Insider Activity

In other news, insider Zachary Katz sold 3,058 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $16.23, for a total transaction of $49,631.34. Following the completion of the transaction, the insider now directly owns 613,800 shares of the company’s stock, valued at approximately $9,961,974. This represents a 0.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 8,115 shares of company stock valued at $139,397. 76.40% of the stock is currently owned by company insiders.

Institutional Trading of Grindr

Hedge funds have recently modified their holdings of the business. BIT Capital GmbH lifted its position in Grindr by 9.6% during the 4th quarter. BIT Capital GmbH now owns 3,989,058 shares of the company’s stock valued at $71,165,000 after acquiring an additional 349,189 shares during the period. Marshall Wace LLP grew its stake in shares of Grindr by 85.2% in the 4th quarter. Marshall Wace LLP now owns 1,117,053 shares of the company’s stock worth $19,928,000 after buying an additional 513,770 shares during the last quarter. Lord Abbett & CO. LLC increased its position in Grindr by 50.6% during the 4th quarter. Lord Abbett & CO. LLC now owns 974,308 shares of the company’s stock valued at $17,382,000 after buying an additional 327,208 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Grindr by 101.3% in the fourth quarter. Federated Hermes Inc. now owns 866,058 shares of the company’s stock worth $15,450,000 after acquiring an additional 435,748 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Grindr by 37.0% in the fourth quarter. Nuveen Asset Management LLC now owns 792,916 shares of the company’s stock worth $14,146,000 after acquiring an additional 214,102 shares during the last quarter. Institutional investors own 7.22% of the company’s stock.

Grindr Stock Up 3.5 %

Shares of NYSE:GRND traded up $0.66 during trading on Friday, hitting $19.58. The stock had a trading volume of 1,796,003 shares, compared to its average volume of 930,849. Grindr has a 12 month low of $8.95 and a 12 month high of $19.65. The company has a market capitalization of $4.08 billion, a PE ratio of -55.93 and a beta of 0.31. The firm’s fifty day moving average is $17.72 and its 200 day moving average is $16.27.

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.