Grindr (NYSE:GRND) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Grindr (NYSE:GRND) had its price objective upped by The Goldman Sachs Group from $20.00 to $26.00 in a research note published on Monday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other research analysts have also issued reports on GRND. Raymond James restated an “outperform” rating and issued a $26.00 price target (up previously from $22.00) on shares of Grindr in a research report on Friday. JMP Securities restated a “market outperform” rating and issued a $24.00 price target on shares of Grindr in a research report on Monday, April 21st. Finally, Citigroup restated an “outperform” rating on shares of Grindr in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $23.25.

Grindr Price Performance

NYSE GRND opened at $23.90 on Monday. Grindr has a 12 month low of $8.95 and a 12 month high of $24.80. The firm has a market capitalization of $4.98 billion, a PE ratio of -68.27 and a beta of 0.28. The company’s 50 day simple moving average is $18.99 and its 200 day simple moving average is $17.44.

Grindr (NYSE:GRND) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.09 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. Sell-side analysts anticipate that Grindr will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $16.23, for a total value of $49,631.34. Following the completion of the sale, the insider now owns 613,800 shares in the company, valued at $9,961,974. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 5,058 shares of company stock worth $84,371 over the last quarter. Corporate insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

A number of hedge funds have recently modified their holdings of the business. CWM LLC boosted its stake in shares of Grindr by 838.5% during the 1st quarter. CWM LLC now owns 1,924 shares of the company’s stock valued at $34,000 after buying an additional 1,719 shares during the period. GAMMA Investing LLC boosted its stake in shares of Grindr by 45.5% during the 1st quarter. GAMMA Investing LLC now owns 2,116 shares of the company’s stock valued at $38,000 after buying an additional 662 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Grindr by 31.9% during the 4th quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company’s stock valued at $47,000 after buying an additional 642 shares during the period. Quarry LP boosted its stake in shares of Grindr by 209.2% during the 4th quarter. Quarry LP now owns 3,423 shares of the company’s stock valued at $61,000 after buying an additional 2,316 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Grindr by 511.9% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock valued at $83,000 after buying an additional 3,880 shares during the period. Hedge funds and other institutional investors own 7.22% of the company’s stock.

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.