Norges Bank Takes Position in Grindr Inc. $GRND

Norges Bank bought a new stake in Grindr Inc. (NYSE:GRND) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,026,668 shares of the company’s stock, valued at approximately $27,441,000.

Several other large investors have also modified their holdings of the stock. Bleakley Financial Group LLC boosted its holdings in shares of Grindr by 48.5% in the 4th quarter. Bleakley Financial Group LLC now owns 40,903 shares of the company’s stock valued at $554,000 after buying an additional 13,350 shares in the last quarter. Covestor Ltd boosted its stake in Grindr by 49,170.0% during the 4th quarter. Covestor Ltd now owns 4,927 shares of the company’s stock worth $67,000 after purchasing an additional 4,917 shares during the period. TD Waterhouse Canada Inc. acquired a new stake in Grindr during the 4th quarter worth $158,000. CWM LLC boosted 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 purchasing an additional 2,584 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in Grindr during the 4th quarter worth $148,000. Institutional investors and hedge funds own 7.22% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. The Goldman Sachs Group decreased their price target on shares of Grindr from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Raymond James Financial reiterated an “outperform” rating and set a $18.00 price target on shares of Grindr in a research note on Friday, May 8th. Weiss Ratings upgraded shares of Grindr from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. TD Cowen reiterated a “buy” rating on shares of Grindr in a research note on Monday, June 1st. Finally, Morgan Stanley assumed coverage on shares of Grindr in a research note on Tuesday, February 24th. They set an “equal weight” rating and a $14.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.40.

Grindr Stock Up 3.0%

Shares of Grindr stock opened at $11.37 on Wednesday. The company has a market cap of $2.02 billion, a P/E ratio of 23.70 and a beta of 0.24. The company has a debt-to-equity ratio of 442.30, a quick ratio of 1.32 and a current ratio of 1.32. Grindr Inc. has a one year low of $9.73 and a one year high of $23.75. The firm has a fifty day moving average of $12.84 and a two-hundred day moving average of $12.49.

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

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.