Grindr (NYSE:GRND) Coverage Initiated by Analysts at The Goldman Sachs Group

Equities researchers at The Goldman Sachs Group began coverage on shares of Grindr (NYSE:GRND) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $20.00 price target on the stock. The Goldman Sachs Group’s target price points to a potential upside of 19.05% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Raymond James lifted their price target on Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. TD Cowen lifted their target price on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Grindr Price Performance

Shares of NYSE GRND opened at $16.80 on Monday. The company has a 50-day moving average price of $14.35 and a 200-day moving average price of $12.47. The stock has a market capitalization of $2.97 billion, a P/E ratio of -48.00 and a beta of 0.37. Grindr has a 1 year low of $7.83 and a 1 year high of $17.33.

Insider Buying and Selling

In related news, CAO Kye Chen sold 4,964 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $11.81, for a total value of $58,624.84. Following the transaction, the chief accounting officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Fu Bin Lu sold 750,000 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total transaction of $11,355,000.00. Following the sale, the director now owns 31,540,655 shares of the company’s stock, valued at $477,525,516.70. This trade represents a 2.32 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,405,870 shares of company stock worth $36,366,731. 76.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC purchased a new stake in shares of Grindr during the 3rd quarter worth approximately $7,720,000. Marshall Wace LLP grew its holdings in Grindr by 124.0% during the second quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after purchasing an additional 347,626 shares during the period. Federated Hermes Inc. purchased a new stake in Grindr in the second quarter worth $3,640,000. Discovery Capital Management LLC CT bought a new stake in shares of Grindr in the second quarter valued at $3,179,000. Finally, Yarra Square Partners LP bought a new stake in shares of Grindr in the second quarter valued at $3,005,000. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Grindr Company Profile

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.