KLP Kapitalforvaltning AS Purchases 2,300 Shares of Grindr Inc. $GRND

KLP Kapitalforvaltning AS increased its holdings in Grindr Inc. (NYSE:GRND) by 46.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,300 shares of the company’s stock after purchasing an additional 2,300 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Grindr were worth $166,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Nuveen LLC acquired a new stake in shares of Grindr in the first quarter valued at about $20,049,000. Adage Capital Partners GP L.L.C. bought a new position in Grindr during the 1st quarter worth approximately $14,320,000. Bwcp LP lifted its position in shares of Grindr by 61.8% in the 1st quarter. Bwcp LP now owns 1,096,586 shares of the company’s stock worth $19,629,000 after purchasing an additional 418,994 shares during the period. Vanguard Group Inc. boosted its stake in shares of Grindr by 23.5% in the 1st quarter. Vanguard Group Inc. now owns 1,714,514 shares of the company’s stock valued at $30,690,000 after purchasing an additional 325,996 shares during the last quarter. Finally, Forge First Asset Management Inc. acquired a new stake in shares of Grindr during the first quarter worth $3,932,000. 7.22% of the stock is owned by institutional investors.

Grindr Stock Performance

GRND opened at $12.85 on Tuesday. Grindr Inc. has a 1-year low of $11.73 and a 1-year high of $25.13. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -29.21 and a beta of 0.23. The company’s fifty day moving average price is $15.09 and its two-hundred day moving average price is $19.13. The company has a current ratio of 2.48, a quick ratio of 2.48 and a debt-to-equity ratio of 1.43.

Grindr (NYSE:GRND) last posted its earnings results on Thursday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Grindr had a positive return on equity of 84.93% and a negative net margin of 14.41%.The business had revenue of $104.00 million for the quarter, compared to the consensus estimate of $104.40 million. During the same period in the previous year, the firm earned ($0.13) earnings per share. The company’s revenue was up 26.6% on a year-over-year basis. On average, analysts expect that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Raymond James Financial cut their price target on shares of Grindr from $26.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Grindr in a report on Wednesday, October 8th. JMP Securities cut their price target on Grindr from $27.00 to $23.00 and set a “market outperform” rating on the stock in a report on Monday, August 11th. Citizens Jmp assumed coverage on shares of Grindr in a research note on Monday, June 30th. They set an “outperform” rating and a $27.00 target price on the stock. Finally, Wall Street Zen downgraded shares of Grindr from a “buy” rating to a “hold” rating in a research note on Saturday. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.60.

Insider Buying and Selling

In other news, Director George Raymond Zage III bought 1,000,000 shares of Grindr stock in a transaction dated Thursday, October 9th. The stock was purchased at an average price of $13.15 per share, for a total transaction of $13,150,000.00. Following the purchase, the director directly owned 7,733,283 shares in the company, valued at $101,692,671.45. The trade was a 14.85% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Zachary Katz sold 14,693 shares of the business’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $19.25, for a total transaction of $282,840.25. Following the transaction, the insider owned 595,112 shares in the company, valued at approximately $11,455,906. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,126,547 shares of company stock valued at $27,730,751 in the last 90 days. Insiders own 67.70% 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.