Principal Financial Group Inc. Boosts Stock Position in Grindr Inc. $GRND

Principal Financial Group Inc. raised its holdings in Grindr Inc. (NYSE:GRND) by 108.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,345 shares of the company’s stock after buying an additional 80,175 shares during the period. Principal Financial Group Inc. owned about 0.08% of Grindr worth $2,318,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Y Intercept Hong Kong Ltd acquired a new position in Grindr during the second quarter worth approximately $1,832,000. Bryce Point Capital LLC purchased a new position in shares of Grindr during the second quarter worth approximately $851,000. Tredje AP fonden acquired a new position in shares of Grindr in the 2nd quarter valued at $956,000. NINE MASTS CAPITAL Ltd purchased a new stake in Grindr in the 2nd quarter valued at $7,171,000. Finally, Shaker Investments LLC OH acquired a new stake in Grindr during the 2nd quarter worth $992,000. Hedge funds and other institutional investors own 7.22% of the company’s stock.

Grindr Stock Up 2.2%

GRND stock opened at $10.07 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.73. The company’s 50-day moving average price is $12.38 and its 200 day moving average price is $13.91. Grindr Inc. has a 52 week low of $9.73 and a 52 week high of $25.13. The company has a market cap of $1.86 billion, a P/E ratio of -27.20 and a beta of 0.22.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Citizens Jmp reduced their target price on shares of Grindr from $23.00 to $21.00 and set a “market outperform” rating for the company in a report on Monday, November 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Grindr in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Grindr currently has an average rating of “Moderate Buy” and an average target price of $22.50.

Insiders Place Their Bets

In other Grindr news, major shareholder James Fu Bin Lu sold 600,000 shares of the business’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 sale, the insider directly owned 18,907,101 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders purchased 605,000 shares of company stock valued at $7,930,000 and sold 3,590,649 shares valued at $40,553,189. 67.70% of the stock is owned by insiders.

Grindr 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.