Norges Bank Takes $27.44 Million Position in Grindr Inc. $GRND

Norges Bank purchased a new stake in Grindr Inc. (NYSE:GRND) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,026,668 shares of the company’s stock, valued at approximately $27,441,000. Norges Bank owned 1.10% of Grindr as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Grindr in the 3rd quarter valued at approximately $26,000. EverSource Wealth Advisors LLC increased its stake in Grindr by 1,473.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,479 shares of the company’s stock worth $34,000 after buying an additional 1,385 shares during the period. Raymond James Financial Inc. purchased a new stake in Grindr during the 2nd quarter worth approximately $39,000. CWM LLC increased its stake in Grindr by 713.8% during the 4th quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $40,000 after buying an additional 2,584 shares during the period. Finally, Aster Capital Management DIFC Ltd increased its stake in Grindr by 190.7% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,793 shares of the company’s stock worth $57,000 after buying an additional 2,488 shares during the period. 7.22% of the stock is owned by hedge funds and other institutional investors.

Grindr Trading Up 3.0%

Shares of Grindr stock opened at $11.37 on Wednesday. The company has a fifty day simple moving average of $12.84 and a 200-day simple moving average of $12.49. Grindr Inc. has a 12-month low of $9.73 and a 12-month high of $23.75. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 442.30. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 23.70 and a beta of 0.24.

Grindr (NYSE:GRND) last issued its earnings results on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.01. Grindr had a net margin of 19.85% and a return on equity of 123.31%. The business had revenue of $129.94 million during the quarter, compared to analysts’ expectations of $119.42 million. On average, equities analysts forecast that Grindr Inc. will post 0.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GRND has been the topic of several recent research reports. The Goldman Sachs Group cut their target price on shares of Grindr from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Morgan Stanley initiated coverage on shares of Grindr in a research note on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 target price on the stock. Weiss Ratings raised shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. TD Cowen reaffirmed a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $18.00 target price on shares of Grindr in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Grindr presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.40.

Grindr Company 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.