The Goldman Sachs Group Has Lowered Expectations for Grindr (NYSE:GRND) Stock Price

Grindr (NYSE:GRND) had its target price lowered by The Goldman Sachs Group from $20.00 to $17.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 49.91% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. TD Cowen dropped their price target 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 assumed coverage on Grindr in a report on Tuesday, February 24th. They issued an “equal weight” rating and a $14.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a research report on Monday, December 29th. Finally, Citizens Jmp decreased their price target on Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 10th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Grindr Stock Performance

Shares of GRND opened at $11.34 on Monday. The company has a debt-to-equity ratio of 3.73, a current ratio of 0.82 and a quick ratio of 0.82. The firm’s 50 day moving average is $11.85 and its 200-day moving average is $13.45. Grindr has a 12-month low of $9.73 and a 12-month high of $25.13. The stock has a market capitalization of $2.09 billion, a P/E ratio of -30.65 and a beta of 0.23.

Insider Buying and Selling at Grindr

In related news, major shareholder James Fu Bin Lu sold 600,000 shares of the company’s stock in a transaction on Thursday, February 5th. The stock was 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. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 3,559,766 shares of company stock worth $40,166,264 in the last quarter. Insiders own 67.70% of the company’s stock.

Hedge Funds Weigh In On Grindr

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

Grindr Company Profile

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.