Grindr (NYSE:GRND) Sets New 1-Year High – Here’s What Happened

Grindr Inc. (NYSE:GRND) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $13.99 and last traded at $13.93, with a volume of 570624 shares. The stock had previously closed at $13.45.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. TD Cowen raised their price objective on shares of Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $17.00 price objective on shares of Grindr in a report on Monday, July 15th.

Grindr Trading Up 2.5 %

The company’s fifty day moving average is $12.49 and its 200 day moving average is $11.35. The company has a market capitalization of $2.60 billion, a P/E ratio of -32.80 and a beta of 0.33.

Grindr (NYSE:GRND) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. The firm had revenue of $82.35 million during the quarter, compared to analyst estimates of $77.40 million. Grindr had a negative net margin of 25.67% and a negative return on equity of 234.28%. Equities research analysts predict that Grindr Inc. will post 0.25 EPS for the current year.

Insider Activity

In other news, CAO Kye Chen sold 4,964 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $11.81, for a total transaction of $58,624.84. Following the completion of the transaction, the chief accounting officer now directly owns 130,598 shares in the company, valued at $1,542,362.38. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 27,115 shares of company stock worth $318,994 in the last three months. Corporate insiders own 76.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GRND. nVerses Capital LLC bought a new stake in shares of Grindr during the 3rd quarter worth $27,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Grindr by 16.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after acquiring an additional 1,667 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Grindr during the 2nd quarter worth $136,000. Quest Partners LLC lifted its holdings in shares of Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after acquiring an additional 12,677 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Grindr during the 2nd quarter worth $189,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

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.