Grindr Inc. (NYSE:GRND) Short Interest Up 12.3% in October

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

Insider Buying and Selling at Grindr

In related news, CAO Kye Chen sold 16,187 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $11.68, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Zachary Katz sold 3,058 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total transaction of $43,729.40. Following the completion of the transaction, the insider now directly owns 586,722 shares of the company’s stock, valued at approximately $8,390,124.60. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 296,549 shares of company stock worth $4,195,896 over the last three months. Company insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

Institutional investors and hedge funds have recently made changes to their positions in the business. Marshall Wace LLP increased its position in shares of Grindr by 124.0% during the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after acquiring an additional 347,626 shares in the last quarter. Federated Hermes Inc. bought a new stake in shares of Grindr during the second quarter valued at approximately $3,640,000. Discovery Capital Management LLC CT bought a new stake in shares of Grindr during the second quarter valued at approximately $3,179,000. Yarra Square Partners LP bought a new stake in shares of Grindr during the second quarter valued at approximately $3,005,000. Finally, Squarepoint Ops LLC increased its position in shares of Grindr by 264.4% during the second quarter. Squarepoint Ops LLC now owns 260,814 shares of the company’s stock valued at $3,192,000 after acquiring an additional 189,237 shares in the last quarter. Institutional investors own 7.22% of the company’s stock.

Grindr Stock Up 4.3 %

Shares of NYSE GRND traded up $0.61 on Monday, reaching $14.76. 545,328 shares of the company’s stock traded hands, compared to its average volume of 528,128. Grindr has a 12 month low of $6.12 and a 12 month high of $15.21. The business’s 50 day simple moving average is $12.92 and its two-hundred day simple moving average is $11.63. The company has a market cap of $2.60 billion, a price-to-earnings ratio of -42.16 and a beta of 0.33.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. TD Cowen increased their price target on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Raymond James increased their price target on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th.

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.