The Goldman Sachs Group Cuts Grindr (NYSE:GRND) Price Target to $17.00

Grindr (NYSE:GRND) had its price objective decreased by The Goldman Sachs Group from $20.00 to $17.00 in a research note released on Monday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. TD Cowen reduced their target price on Grindr from $26.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Morgan Stanley started coverage on shares of Grindr in a research note on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 target price on the stock. Citizens Jmp reduced their price target on Grindr from $23.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Monday, November 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Grindr in a report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Grindr currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Grindr Stock Down 0.5%

Grindr stock opened at $11.26 on Monday. Grindr has a fifty-two week low of $9.73 and a fifty-two week high of $25.13. The company has a debt-to-equity ratio of 8.00, a current ratio of 1.96 and a quick ratio of 0.82. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of -30.43 and a beta of 0.23. The firm has a fifty day moving average price of $11.80 and a two-hundred day moving average price of $13.44.

Insiders Place Their Bets

In related news, major shareholder James Fu Bin Lu sold 600,000 shares of the firm’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $10.07, for a total transaction of $6,042,000.00. Following the transaction, the insider directly owned 18,907,101 shares of the company’s stock, valued at approximately $190,394,507.07. This trade represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 3,559,766 shares of company stock worth $40,166,264. 67.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Alpine Global Management LLC acquired a new stake in Grindr during the 4th quarter valued at approximately $181,000. Alberta Investment Management Corp acquired a new position in shares of Grindr during the fourth quarter worth approximately $5,416,000. Vident Advisory LLC raised its holdings in Grindr by 2.6% during the fourth quarter. Vident Advisory LLC now owns 50,616 shares of the company’s stock worth $685,000 after buying an additional 1,271 shares during the last quarter. Polymer Capital Management US LLC acquired a new stake in shares of Grindr in the 4th quarter worth about $977,000. Finally, Occudo Quantitative Strategies LP raised its stake in shares of Grindr by 25.1% in the fourth quarter. Occudo Quantitative Strategies LP now owns 38,222 shares of the company’s stock worth $518,000 after purchasing an additional 7,661 shares during the last quarter. 7.22% of the stock is currently owned by institutional investors and hedge funds.

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.