Grindr Inc. (NYSE:GRND) Short Interest Up 15.3% in February

Grindr Inc. (NYSE:GRND) saw a large growth in short interest in the month of February. As of February 27th, there was short interest totaling 7,330,410 shares, a growth of 15.3% from the February 12th total of 6,355,455 shares. Based on an average daily trading volume, of 1,895,295 shares, the short-interest ratio is presently 3.9 days. Approximately 12.3% of the company’s shares are short sold. Approximately 12.3% of the company’s shares are short sold. Based on an average daily trading volume, of 1,895,295 shares, the short-interest ratio is presently 3.9 days.

Grindr Trading Up 0.1%

Shares of GRND opened at $12.49 on Thursday. Grindr has a 12 month low of $9.73 and a 12 month high of $25.13. The stock’s 50-day moving average is $11.54 and its two-hundred day moving average is $13.18. The company has a debt-to-equity ratio of 8.00, a current ratio of 1.96 and a quick ratio of 1.96. The stock has a market cap of $2.31 billion, a PE ratio of 29.04 and a beta of 0.23.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GRND. TD Cowen dropped their target price on shares of Grindr from $26.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Weiss Ratings raised shares of Grindr from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, March 4th. The Goldman Sachs Group decreased their price objective on shares of Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Finally, Morgan Stanley assumed coverage on shares of Grindr in a research report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 price objective for the company. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.80.

Insider Activity

In other news, major shareholder James Fu Bin Lu sold 475,000 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $10.01, for a total value of $4,754,750.00. Following the transaction, the insider directly owned 18,432,101 shares in the company, valued at $184,505,331.01. This trade represents a 2.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 3,559,766 shares of company stock worth $40,166,264. 67.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Grindr

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SPX Gestao de Recursos Ltda boosted its stake in Grindr by 321.1% during the 3rd quarter. SPX Gestao de Recursos Ltda now owns 177,300 shares of the company’s stock valued at $2,663,000 after acquiring an additional 135,200 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Grindr by 1,060.9% in the 2nd quarter. Franklin Resources Inc. now owns 776,769 shares of the company’s stock worth $17,633,000 after purchasing an additional 709,857 shares during the last quarter. NINE MASTS CAPITAL Ltd bought a new stake in shares of Grindr in the 2nd quarter worth about $7,171,000. XTX Topco Ltd raised its stake in shares of Grindr by 279.3% in the 2nd quarter. XTX Topco Ltd now owns 64,625 shares of the company’s stock valued at $1,467,000 after purchasing an additional 47,589 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in shares of Grindr by 81.2% in the 3rd quarter. Voya Investment Management LLC now owns 243,824 shares of the company’s stock valued at $3,662,000 after purchasing an additional 109,250 shares in the last quarter. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Grindr Company Profile

Grindr, trading on the NYSE under the ticker symbol GRND, operates a global social networking and dating platform designed primarily for gay, bisexual, transgender and queer (GBTQ) individuals. The company’s core offering is a location-based mobile application that enables users to connect, chat and share content with others in their vicinity. Through its free tier and premium subscription services—known as Grindr XTRA and Grindr Unlimited—Grindr provides enhanced features such as ad-free browsing, advanced filters and unlimited profile views, catering to a broad spectrum of user needs.

Originally launched in 2009 by entrepreneur Joel Simkhai, Grindr was one of the first mobile apps to leverage geolocation technology for social networking.