Grindr (NYSE:GRND) Reaches New 52-Week High – Still a Buy?

Shares of Grindr Inc. (NYSE:GRND) hit a new 52-week high during trading on Monday . The stock traded as high as $16.41 and last traded at $16.41, with a volume of 1556 shares trading hands. The stock had previously closed at $15.74.

Wall Street Analyst Weigh In

GRND has been the topic of several recent analyst reports. The Goldman Sachs Group initiated coverage on Grindr in a research note on Monday. They issued a “buy” rating and a $20.00 price target on the stock. TD Cowen boosted their price objective on Grindr from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Raymond James boosted 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.

Grindr Price Performance

The company has a market cap of $2.95 billion, a price-to-earnings ratio of -44.97 and a beta of 0.37. The business has a 50 day simple moving average of $14.17 and a 200 day simple moving average of $12.36.

Insider Activity

In other Grindr news, CAO Kye Chen sold 4,964 shares of Grindr 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 sale, the chief accounting officer now owns 130,598 shares of the company’s stock, valued at approximately $1,542,362.38. The trade was a 3.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Fu Bin Lu sold 195,600 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $14.39, for a total value of $2,814,684.00. Following the completion of the transaction, the director now directly owns 34,977,181 shares in the company, valued at approximately $503,321,634.59. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,405,870 shares of company stock valued at $36,366,731 over the last 90 days. 76.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Grindr

Several institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in Grindr during the second quarter valued at approximately $718,000. Yarra Square Partners LP acquired a new position in Grindr during the second quarter valued at approximately $3,005,000. Point72 Asset Management L.P. grew its holdings in Grindr by 219.9% during the third quarter. Point72 Asset Management L.P. now owns 179,800 shares of the company’s stock valued at $2,145,000 after purchasing an additional 123,600 shares during the period. Federated Hermes Inc. acquired a new position in Grindr during the second quarter valued at approximately $3,640,000. Finally, Algert Global LLC acquired a new position in Grindr during the third quarter valued at approximately $830,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.