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

Grindr Inc. (NYSE:GRND) reached a new 52-week high during trading on Wednesday . The stock traded as high as $13.22 and last traded at $12.96, with a volume of 45972 shares trading hands. The stock had previously closed at $12.92.

Analyst Ratings Changes

GRND has been the topic of several analyst reports. Raymond James boosted their price target on shares of Grindr from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, June 27th. JMP Securities reiterated a “market outperform” rating and set a $17.00 target price on shares of Grindr in a report on Monday, July 15th. Finally, TD Cowen raised their price target on Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, June 27th.

Grindr Stock Down 0.7 %

The business has a fifty day simple moving average of $11.87 and a 200 day simple moving average of $10.93.

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

Insider Activity

In related news, CAO Kye Chen sold 16,187 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $11.68, for a total value of $189,064.16. Following the transaction, the chief accounting officer now owns 138,604 shares in the company, valued at $1,618,894.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 76.40% of the company’s stock.

Institutional Investors Weigh In On Grindr

A number of hedge funds have recently added to or reduced their stakes in GRND. Price T Rowe Associates Inc. MD raised its holdings in shares of Grindr by 16.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after purchasing an additional 1,667 shares during the period. Point72 DIFC Ltd acquired a new position in Grindr during the 2nd quarter worth approximately $136,000. Quest Partners LLC boosted its holdings in Grindr by 9,055.0% in the second quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after acquiring an additional 12,677 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Grindr in the second quarter valued at approximately $189,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Grindr during the first quarter valued at approximately $209,000. 7.22% of the stock is currently owned by institutional investors.

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.