Principal Financial Group Inc. Purchases New Shares in Grindr Inc. (NYSE:GRND)

Principal Financial Group Inc. purchased a new position in shares of Grindr Inc. (NYSE:GRND) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 30,578 shares of the company’s stock, valued at approximately $365,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC bought a new stake in shares of Grindr in the 3rd quarter valued at approximately $7,720,000. Marshall Wace LLP increased its position in shares of Grindr by 124.0% during the 2nd quarter. Marshall Wace LLP now owns 627,879 shares of the company’s stock valued at $7,685,000 after purchasing an additional 347,626 shares during the period. Federated Hermes Inc. acquired a new stake in Grindr during the second quarter valued at approximately $3,640,000. Discovery Capital Management LLC CT bought a new stake in shares of Grindr during the 2nd quarter worth $3,179,000. Finally, Yarra Square Partners LP acquired a new position in shares of Grindr in the 2nd quarter worth $3,005,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Grindr Trading Down 2.7 %

Shares of NYSE GRND opened at $17.47 on Tuesday. Grindr Inc. has a one year low of $7.93 and a one year high of $18.42. The business has a 50-day moving average price of $15.68 and a two-hundred day moving average price of $13.27. The firm has a market capitalization of $3.09 billion, a PE ratio of -49.91 and a beta of 0.31.

Wall Street Analysts Forecast Growth

GRND has been the subject of several analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 target price on shares of Grindr in a report on Monday, December 16th. TD Cowen upped their price objective on shares of Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Raymond James lifted their target price 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. Finally, The Goldman Sachs Group initiated coverage on shares of Grindr in a research report on Monday, December 16th. They issued a “buy” rating and a $20.00 price target for the company.

Insider Buying and Selling

In other Grindr news, Director Nathan Richardson sold 5,234 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.00, for a total value of $78,510.00. Following the transaction, the director now directly owns 27,408 shares of the company’s stock, valued at $411,120. This represents a 16.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $14.30, for a total value of $43,729.40. Following the sale, the insider now owns 586,722 shares of the company’s stock, valued at approximately $8,390,124.60. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,395,942 shares of company stock worth $36,249,481. 76.40% of the stock is owned by company insiders.

Grindr 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.