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

Grindr Inc. (NYSE:GRND) was the target of a large increase in short interest in February. As of February 27th, there was short interest totaling 7,330,410 shares, an increase 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 days-to-cover ratio is currently 3.9 days. Currently, 12.3% of the shares of the stock are short sold. Currently, 12.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,895,295 shares, the days-to-cover ratio is currently 3.9 days.

Analysts Set New Price Targets

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

Insider Transactions at Grindr

In other news, major shareholder James Fu Bin Lu sold 475,000 shares of Grindr stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $10.01, for a total transaction of $4,754,750.00. Following the sale, the insider owned 18,432,101 shares in the company, valued at $184,505,331.01. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 3,559,766 shares of company stock worth $40,166,264. Company insiders own 67.70% of the company’s stock.

Institutional Trading of Grindr

A number of large investors have recently made changes to their positions in GRND. SPX Gestao de Recursos Ltda raised its stake in shares of Grindr by 321.1% in the third 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 period. NINE MASTS CAPITAL Ltd bought a new position in Grindr during the 2nd quarter valued at about $7,171,000. Franklin Resources Inc. raised its position in 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 period. XTX Topco Ltd lifted its stake in Grindr by 279.3% in the second quarter. XTX Topco Ltd now owns 64,625 shares of the company’s stock worth $1,467,000 after purchasing an additional 47,589 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its stake in Grindr by 168.0% in the second quarter. Quadrature Capital Ltd now owns 39,985 shares of the company’s stock worth $908,000 after purchasing an additional 25,063 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors.

Grindr Trading Up 1.1%

GRND stock opened at $12.47 on Wednesday. The firm has a fifty day moving average price of $11.55 and a 200 day moving average price of $13.18. Grindr has a fifty-two week low of $9.73 and a fifty-two week high of $25.13. The firm has a market cap of $2.30 billion, a PE ratio of 29.01 and a beta of 0.23. The company has a debt-to-equity ratio of 8.00, a quick ratio of 1.96 and a current ratio of 1.96.

About Grindr

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.