Grindr Inc. (NYSE:GRND – Get Free Report) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 6,820,000 shares, an increase of 33.5% from the December 15th total of 5,110,000 shares. Currently, 24.6% of the shares of the stock are short sold. Based on an average daily volume of 721,900 shares, the short-interest ratio is presently 9.4 days.
Insider Activity
In related news, Director James Fu Bin Lu sold 750,000 shares of Grindr stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the sale, the director now directly owns 31,540,655 shares in the company, valued at $477,525,516.70. This trade represents a 2.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Zachary Katz sold 3,058 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 586,722 shares of the company’s stock, valued at approximately $8,390,124.60. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,399,000 shares of company stock worth $36,303,532. Corporate insiders own 76.40% of the company’s stock.
Institutional Investors Weigh In On Grindr
A number of institutional investors and hedge funds have recently bought and sold shares of GRND. Federated Hermes Inc. bought a new stake in Grindr in the 2nd quarter worth about $3,640,000. Hsbc Holdings PLC grew its holdings in shares of Grindr by 9.5% in the second quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock valued at $286,000 after acquiring an additional 2,050 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Grindr during the second quarter valued at approximately $371,000. Sei Investments Co. bought a new stake in Grindr during the second quarter worth $483,000. Finally, Yarra Square Partners LP purchased a new position in Grindr in the second quarter worth $3,005,000. 7.22% of the stock is owned by hedge funds and other institutional investors.
Grindr Price Performance
Analyst Upgrades and Downgrades
GRND has been the subject of a number of recent research reports. JMP Securities restated a “market outperform” rating and issued a $21.00 price objective on shares of Grindr in a report on Monday, December 16th. Raymond James lifted their price objective on Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. TD Cowen boosted their price target on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group initiated coverage on Grindr in a report on Monday, December 16th. They issued a “buy” rating and a $20.00 target price for the company.
Read Our Latest Research Report on Grindr
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.
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