Norges Bank Takes Position in Grindr Inc. (NYSE:GRND)

Norges Bank acquired a new position in shares of Grindr Inc. (NYSE:GRND - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 338,290 shares of the company's stock, valued at approximately $6,035,000. Norges Bank owned approximately 0.19% of Grindr at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GRND. BIT Capital GmbH lifted its stake in shares of Grindr by 9.6% during the 4th quarter. BIT Capital GmbH now owns 3,989,058 shares of the company's stock worth $71,165,000 after purchasing an additional 349,189 shares during the period. Anthracite Investment Company Inc. acquired a new position in shares of Grindr during the 4th quarter valued at about $1,802,000. KLP Kapitalforvaltning AS purchased a new position in shares of Grindr during the 4th quarter worth about $89,000. Quantbot Technologies LP boosted its position in shares of Grindr by 110.8% in the fourth quarter. Quantbot Technologies LP now owns 115,489 shares of the company's stock worth $2,060,000 after acquiring an additional 60,704 shares during the last quarter. Finally, Blueshift Asset Management LLC purchased a new stake in Grindr in the fourth quarter valued at approximately $195,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.

Grindr Stock Up 1.2 %

Shares of Grindr stock traded up $0.22 during trading on Tuesday, hitting $18.38. The stock had a trading volume of 140,552 shares, compared to its average volume of 1,680,968. The company has a market capitalization of $3.83 billion, a PE ratio of -52.50 and a beta of 0.31. Grindr Inc. has a 1 year low of $8.95 and a 1 year high of $19.20. The stock has a 50 day simple moving average of $17.66 and a 200 day simple moving average of $16.18.

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Analysts Set New Price Targets

Several research firms have recently weighed in on GRND. Raymond James reaffirmed an "outperform" rating and issued a $22.00 price objective on shares of Grindr in a research note on Thursday, March 6th. The Goldman Sachs Group began coverage on Grindr in a research report on Monday, December 16th. They issued a "buy" rating and a $20.00 target price for the company. Citigroup reissued an "outperform" rating on shares of Grindr in a research report on Thursday, March 6th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $21.00 price objective on shares of Grindr in a research report on Thursday, February 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $20.00.

Insider Buying and Selling

In related news, insider Zachary Katz sold 3,058 shares of Grindr stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.23, for a total value of $49,631.34. Following the completion of the sale, the insider now owns 613,800 shares of the company's stock, valued at approximately $9,961,974. The trade was a 0.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 7,115 shares of company stock worth $120,997. 76.40% of the stock is owned by company insiders.

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.