Grindr Inc. (NYSE:GRND) Shares Purchased by Northern Trust Corp

Northern Trust Corp grew its holdings in shares of Grindr Inc. (NYSE:GRND - Free Report) by 5.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 218,384 shares of the company's stock after purchasing an additional 11,435 shares during the period. Northern Trust Corp owned about 0.12% of Grindr worth $3,896,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. grew its holdings in shares of Grindr by 31.9% in the fourth quarter. Russell Investments Group Ltd. now owns 2,655 shares of the company's stock valued at $47,000 after purchasing an additional 642 shares in the last quarter. Quarry LP grew its stake in shares of Grindr by 209.2% in the fourth quarter. Quarry LP now owns 3,423 shares of the company's stock worth $61,000 after acquiring an additional 2,316 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Grindr during the fourth quarter worth $89,000. R Squared Ltd purchased a new stake in shares of Grindr during the fourth quarter worth $101,000. Finally, Polymer Capital Management HK LTD acquired a new stake in shares of Grindr in the fourth quarter valued at $178,000. Institutional investors and hedge funds own 7.22% of the company's stock.

Grindr Stock Performance

Shares of NYSE:GRND traded down $0.02 on Wednesday, hitting $23.84. 2,516,700 shares of the company's stock were exchanged, compared to its average volume of 1,104,333. Grindr Inc. has a 1-year low of $8.95 and a 1-year high of $24.80. The company has a market capitalization of $4.67 billion, a PE ratio of -68.11 and a beta of 0.28. The firm's 50-day moving average is $20.78 and its 200 day moving average is $18.22.

Grindr (NYSE:GRND - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.09. Grindr had a negative return on equity of 177.83% and a negative net margin of 16.27%. On average, analysts anticipate that Grindr Inc. will post 0.29 EPS for the current fiscal year.

Analysts Set New Price Targets

GRND has been the subject of several analyst reports. The Goldman Sachs Group boosted their target price on Grindr from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Citigroup reissued an "outperform" rating on shares of Grindr in a research report on Thursday, March 6th. Wall Street Zen raised shares of Grindr from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. JMP Securities reiterated a "market outperform" rating and issued a $24.00 price target on shares of Grindr in a research note on Monday, April 21st. Finally, Raymond James reissued an "outperform" rating and issued a $26.00 price objective (up from $22.00) on shares of Grindr in a research report on Friday, May 9th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $23.25.

Insider Activity at Grindr

In related news, Director J Michael Gearon, Jr. sold 283,559 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $24.13, for a total transaction of $6,842,278.67. Following the transaction, the director now owns 6,336,168 shares in the company, valued at $152,891,733.84. This trade represents a 4.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Fu Bin Lu sold 229,627 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $23.99, for a total value of $5,508,751.73. Following the completion of the sale, the director now owns 27,693,332 shares of the company's stock, valued at approximately $664,363,034.68. This represents a 0.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,452,406 shares of company stock valued at $58,385,775 in the last ninety days. Insiders own 76.40% of the company's stock.

Grindr 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.