Grindr Inc. (NYSE:GRND) Short Interest Update

Grindr Inc. (NYSE:GRND - Get Free Report) was the target of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 5,840,000 shares, a growth of 46.0% from the March 15th total of 4,000,000 shares. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is currently 3.4 days. Approximately 14.0% of the company's shares are short sold.

Insider Activity at Grindr

In other news, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.23, for a total transaction of $49,631.34. Following the transaction, the insider now directly owns 613,800 shares of the company's stock, valued at $9,961,974. This trade represents a 0.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 8,115 shares of company stock worth $139,397. 76.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Grindr

Several hedge funds have recently made changes to their positions in the business. Orion Portfolio Solutions LLC acquired a new position in Grindr during the third quarter worth $278,000. Barclays PLC grew its holdings in shares of Grindr by 106.8% in the 3rd quarter. Barclays PLC now owns 72,580 shares of the company's stock valued at $865,000 after acquiring an additional 37,477 shares in the last quarter. Geode Capital Management LLC raised its holdings in Grindr by 7.5% during the third quarter. Geode Capital Management LLC now owns 514,520 shares of the company's stock worth $6,139,000 after acquiring an additional 36,001 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in Grindr during the third quarter valued at approximately $7,720,000. Finally, Principal Financial Group Inc. bought a new position in Grindr in the third quarter valued at approximately $365,000. 7.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GRND. Raymond James restated an "outperform" rating and issued a $22.00 price target on shares of Grindr in a report on Thursday, March 6th. Citigroup reiterated an "outperform" rating on shares of Grindr in a research report on Thursday, March 6th. Finally, JMP Securities restated a "market outperform" rating and set a $24.00 target price on shares of Grindr in a report on Monday. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Grindr currently has an average rating of "Buy" and an average target price of $20.75.

Grindr Stock Up 4.5 %

Shares of NYSE:GRND traded up $0.90 during mid-day trading on Wednesday, reaching $20.85. 920,587 shares of the stock were exchanged, compared to its average volume of 945,158. The stock's 50 day simple moving average is $17.80 and its 200-day simple moving average is $16.46. Grindr has a one year low of $8.95 and a one year high of $21.01. The company has a market cap of $4.34 billion, a P/E ratio of -59.57 and a beta of 0.31.

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.