Principal Financial Group Inc. Invests $365,000 in Grindr Inc. (NYSE:GRND)

Principal Financial Group Inc. purchased a new stake in Grindr Inc. (NYSE:GRND - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 30,578 shares of the company's stock, valued at approximately $365,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC bought a new position in shares of Grindr in the third quarter worth about $7,720,000. Marshall Wace LLP increased its holdings in shares of Grindr by 124.0% in the second 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 in the last quarter. Skye Global Management LP raised its position in Grindr by 23.3% in the 3rd quarter. Skye Global Management LP now owns 592,000 shares of the company's stock worth $7,063,000 after purchasing an additional 112,000 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Grindr by 7.5% during the 3rd quarter. Geode Capital Management LLC now owns 514,520 shares of the company's stock worth $6,139,000 after buying an additional 36,001 shares in the last quarter. Finally, Federated Hermes Inc. bought a new position in Grindr in the 2nd quarter valued at $3,640,000. Institutional investors and hedge funds own 7.22% of the company's stock.

Grindr Stock Performance

NYSE:GRND traded down $0.14 during mid-day trading on Tuesday, hitting $17.36. The company had a trading volume of 990,189 shares, compared to its average volume of 980,496. Grindr Inc. has a fifty-two week low of $7.93 and a fifty-two week high of $18.42. The firm has a market cap of $3.07 billion, a P/E ratio of -49.60 and a beta of 0.31. The business's fifty day moving average is $15.76 and its two-hundred day moving average is $13.32.

Insider Activity

In other Grindr news, CFO Vandana Mehta-Krantz sold 60,776 shares of Grindr stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $14.29, for a total transaction of $868,489.04. Following the transaction, the chief financial officer now directly owns 722,126 shares in the company, valued at approximately $10,319,180.54. The trade was a 7.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James Fu Bin Lu sold 195,600 shares of the business's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $14.39, for a total value of $2,814,684.00. Following the completion of the transaction, the director now directly owns 34,977,181 shares of the company's stock, valued at approximately $503,321,634.59. The trade was a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,395,942 shares of company stock valued at $36,249,481 in the last ninety days. 76.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GRND. The Goldman Sachs Group started coverage on Grindr in a research report on Monday, December 16th. They set a "buy" rating and a $20.00 target price for the company. JMP Securities reissued a "market outperform" rating and set a $21.00 price objective on shares of Grindr in a report on Monday, December 16th. TD Cowen raised their target price 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. Finally, Raymond James boosted their price target on shares of Grindr from $16.00 to $19.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th.

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.