Grindr (NYSE:GRND) Trading Up 7.3% – Still a Buy?

Grindr Inc. (NYSE:GRND)’s stock price traded up 7.3% during trading on Tuesday . The stock traded as high as $16.24 and last traded at $16.35. 568,939 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 1,497,901 shares. The stock had previously closed at $15.24.

Wall Street Analyst Weigh In

GRND has been the topic of a number of recent research reports. The Goldman Sachs Group began coverage on Grindr in a research note on Monday, December 16th. They set a “buy” rating and a $20.00 price objective on the stock. JMP Securities restated a “market outperform” rating and issued a $21.00 price target on shares of Grindr in a report on Thursday, February 6th. Citigroup reiterated an “outperform” rating on shares of Grindr in a research note on Thursday, March 6th. Finally, Raymond James reissued an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $19.75.

Grindr Price Performance

The business has a fifty day moving average of $17.59 and a 200 day moving average of $15.21. The stock has a market cap of $2.89 billion, a PE ratio of -46.76 and a beta of 0.30.

Insider Transactions at Grindr

In other news, insider Zachary Katz sold 3,057 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total transaction of $55,026.00. Following the transaction, the insider now owns 577,549 shares of the company’s stock, valued at approximately $10,395,882. This trade represents a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 7,115 shares of company stock valued at $121,757. 76.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its stake in Grindr by 31.9% during the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock worth $47,000 after purchasing an additional 642 shares during the last quarter. Quarry LP lifted its position in shares of Grindr by 209.2% in the 4th quarter. Quarry LP now owns 3,423 shares of the company’s stock worth $61,000 after buying an additional 2,316 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Grindr by 511.9% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock valued at $83,000 after buying an additional 3,880 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Grindr during the 4th quarter valued at about $89,000. Finally, R Squared Ltd acquired a new stake in Grindr during the fourth quarter worth about $101,000. Institutional investors own 7.22% of the company’s stock.

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.