Grindr (NYSE:GRND) Sets New 52-Week High at $11.54

Grindr Inc. (NYSE:GRND)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $11.54 and last traded at $11.35, with a volume of 882376 shares changing hands. The stock had previously closed at $10.25.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. JMP Securities lifted their target price on Grindr from $14.00 to $17.00 and gave the company a “market outperform” rating in a research report on Thursday. TD Cowen boosted their target price on Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Raymond James boosted their target price on Grindr from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday.

Grindr Stock Performance

The company has a debt-to-equity ratio of 13.21, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $2.16 billion, a P/E ratio of -68.27 and a beta of 0.28. The business has a 50 day moving average of $9.82 and a 200-day moving average of $9.31.

Grindr (NYSE:GRND) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. Grindr had a positive return on equity of 3,761.31% and a negative net margin of 11.56%. The company had revenue of $75.35 million for the quarter, compared to analyst estimates of $72.60 million. During the same period in the previous year, the company posted ($0.19) EPS.

Insider Buying and Selling

In related news, CEO George Arison sold 83,639 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $10.15, for a total transaction of $848,935.85. Following the completion of the transaction, the chief executive officer now directly owns 3,029,027 shares in the company, valued at $30,744,624.05. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director James Fu Bin Lu sold 388,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $9.02, for a total value of $3,499,760.00. Following the completion of the transaction, the director now directly owns 35,388,761 shares in the company, valued at approximately $319,206,624.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Arison sold 83,639 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $10.15, for a total value of $848,935.85. Following the completion of the transaction, the chief executive officer now owns 3,029,027 shares of the company’s stock, valued at $30,744,624.05. The disclosure for this sale can be found here. Insiders sold a total of 1,781,103 shares of company stock worth $17,183,504 over the last ninety days. 78.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Grindr

A number of hedge funds and other institutional investors have recently modified their holdings of GRND. Alta Fox Capital Management LLC bought a new position in Grindr during the 3rd quarter worth approximately $1,162,000. New York State Common Retirement Fund grew its position in Grindr by 11.7% during the 4th quarter. New York State Common Retirement Fund now owns 19,365 shares of the company’s stock worth $170,000 after acquiring an additional 2,030 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Grindr in the 4th quarter worth approximately $617,000. Park West Asset Management LLC bought a new stake in shares of Grindr in the 4th quarter worth approximately $1,652,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Grindr in the 1st quarter worth approximately $545,000. 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.