Grindr Inc. $GRND Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in shares of Grindr Inc. (NYSE:GRND) by 108.1% during the third quarter, Holdings Channel.com reports. 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.’s holdings in Grindr were worth $2,318,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC lifted its position in shares of Grindr by 94.3% in the third quarter. AlphaQuest LLC now owns 6,745 shares of the company’s stock valued at $101,000 after acquiring an additional 3,273 shares in the last quarter. Arizona State Retirement System raised its stake in Grindr by 26.8% in the 3rd quarter. Arizona State Retirement System now owns 11,611 shares of the company’s stock valued at $174,000 after purchasing an additional 2,452 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in Grindr by 43.0% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 115,393 shares of the company’s stock valued at $1,733,000 after purchasing an additional 34,708 shares in the last quarter. Olympiad Research LP acquired a new stake in shares of Grindr during the 3rd quarter worth about $243,000. Finally, Rakuten Investment Management Inc. acquired a new position in shares of Grindr in the third quarter valued at approximately $98,000. 7.22% of the stock is owned by institutional investors and hedge funds.

Grindr Trading Up 2.2%

GRND stock opened at $10.07 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.73. The company has a market cap of $1.86 billion, a price-to-earnings ratio of -27.20 and a beta of 0.22. The business has a fifty day simple moving average of $12.38 and a 200-day simple moving average of $13.91. Grindr Inc. has a 52 week low of $9.73 and a 52 week high of $25.13.

Insider Activity at Grindr

In other news, major shareholder James Fu Bin Lu sold 600,000 shares of Grindr stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $10.07, for a total value of $6,042,000.00. Following the transaction, the insider directly owned 18,907,101 shares of the company’s stock, valued at $190,394,507.07. The trade was a 3.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders bought 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 currently owned by company insiders.

Wall Street Analyst Weigh In

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

About Grindr

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.