The Goldman Sachs Group Raises Grindr (NYSE:GRND) Price Target to $26.00

Grindr (NYSE:GRND) had its price target raised by equities research analysts at The Goldman Sachs Group from $20.00 to $26.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 8.78% from the stock’s previous close.

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

Grindr Stock Performance

Shares of GRND traded down $0.10 during mid-day trading on Monday, hitting $23.90. 1,240,788 shares of the company’s stock were exchanged, compared to its average volume of 1,718,017. The company has a market cap of $4.98 billion, a price-to-earnings ratio of -68.31 and a beta of 0.28. Grindr has a fifty-two week low of $8.95 and a fifty-two week high of $24.80. The stock’s 50-day moving average is $18.89 and its 200-day moving average is $17.36.

Grindr (NYSE:GRND) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. Grindr had a negative net margin of 16.27% and a negative return on equity of 177.83%. As a group, equities research analysts anticipate that Grindr will post 0.29 EPS for the current year.

Insider Buying and Selling at Grindr

In other news, insider Zachary Katz sold 3,057 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $18.00, for a total transaction of $55,026.00. Following the transaction, the insider now directly owns 577,549 shares in the company, valued at approximately $10,395,882. This trade represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 8,115 shares of company stock worth $139,397 over the last three months. Insiders own 76.40% of the company’s stock.

Hedge Funds Weigh In On Grindr

A number of hedge funds have recently modified their holdings of GRND. CWM LLC grew its position in Grindr by 838.5% in 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 last quarter. GAMMA Investing LLC raised 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 worth $38,000 after buying an additional 662 shares during the last quarter. Russell Investments Group Ltd. raised 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 worth $47,000 after buying an additional 642 shares during the last quarter. Quarry LP raised 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 worth $61,000 after buying an additional 2,316 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in Grindr by 511.9% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,638 shares of the company’s stock valued at $83,000 after purchasing an additional 3,880 shares during the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

About Grindr

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.