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

The Goldman Sachs Group began coverage on shares of Grindr (NYSE:GRND) in a research note released on Monday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $20.00 price target on the stock.

Other research analysts also recently issued research reports about the stock. Raymond James boosted their price target on shares of Grindr from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. TD Cowen upped their price target on shares of 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 Grindr stock opened at $16.64 on Monday. The firm has a market capitalization of $2.94 billion, a P/E ratio of -47.54 and a beta of 0.37. Grindr has a fifty-two week low of $7.85 and a fifty-two week high of $17.39. The company’s 50 day moving average price is $14.43 and its two-hundred day moving average price is $12.50.

Insiders Place Their Bets

In related news, CAO Kye Chen sold 4,964 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $11.81, for a total value of $58,624.84. Following the sale, the chief accounting officer now owns 130,598 shares in the company, valued at approximately $1,542,362.38. This trade represents a 3.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Fu Bin Lu sold 750,000 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.14, for a total value of $11,355,000.00. Following the completion of the transaction, the director now owns 31,540,655 shares in the company, valued at $477,525,516.70. This represents a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,405,870 shares of company stock worth $36,366,731 over the last 90 days. Corporate insiders own 76.40% of the company’s stock.

Institutional Trading of Grindr

A number of large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its position in Grindr by 9.3% in the third quarter. The Manufacturers Life Insurance Company now owns 13,682 shares of the company’s stock worth $163,000 after acquiring an additional 1,166 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Grindr by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after purchasing an additional 1,667 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Grindr by 9.5% during the 2nd quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock valued at $286,000 after purchasing an additional 2,050 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Grindr during the 3rd quarter valued at about $27,000. Finally, Bleakley Financial Group LLC raised its holdings in shares of Grindr by 9.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 27,188 shares of the company’s stock valued at $324,000 after buying an additional 2,371 shares in the last quarter. Institutional investors own 7.22% of the company’s stock.

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.