Match Group (NASDAQ:MTCH) Hits New 1-Year High Following Analyst Upgrade

Match Group Inc. (NASDAQ:MTCH) hit a new 52-week high during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $38.00 to $41.00. Wells Fargo & Company currently has an equal weight rating on the stock. Match Group traded as high as $39.24 and last traded at $39.24, with a volume of 1266030 shares. The stock had previously closed at $37.67.

MTCH has been the subject of a number of other reports. The Goldman Sachs Group reissued a “buy” rating and issued a $43.00 price target on shares of Match Group in a research report on Wednesday, May 6th. TD Cowen boosted their price objective on shares of Match Group from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Truist Financial set a $37.00 price objective on shares of Match Group in a research note on Wednesday, May 6th. Citigroup increased their target price on shares of Match Group from $33.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Barclays boosted their price target on shares of Match Group from $49.00 to $51.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Six research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $41.29.

Insider Buying and Selling

In related news, Director Melissa Anne Brenner sold 5,141 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $35.94, for a total value of $184,767.54. Following the transaction, the director owned 16,218 shares in the company, valued at approximately $582,874.92. This represents a 24.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC boosted its holdings in Match Group by 1,163.7% in the third quarter. AQR Capital Management LLC now owns 6,137,898 shares of the technology company’s stock worth $216,791,000 after purchasing an additional 5,652,174 shares in the last quarter. Norges Bank bought a new position in Match Group during the fourth quarter valued at about $112,641,000. Holocene Advisors LP lifted its position in shares of Match Group by 2,474.5% in the third quarter. Holocene Advisors LP now owns 2,741,573 shares of the technology company’s stock worth $96,832,000 after buying an additional 2,635,085 shares during the last quarter. State Street Corp boosted its stake in shares of Match Group by 14.6% during the 3rd quarter. State Street Corp now owns 19,275,943 shares of the technology company’s stock worth $680,826,000 after acquiring an additional 2,461,025 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Match Group by 196.6% during the 1st quarter. Renaissance Technologies LLC now owns 3,194,368 shares of the technology company’s stock worth $98,099,000 after acquiring an additional 2,117,414 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Match Group Trading Up 4.0%

The stock has a fifty day moving average price of $36.05 and a 200 day moving average price of $33.27. The firm has a market cap of $9.14 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 0.61 and a beta of 1.30.

Match Group (NASDAQ:MTCH) last posted its earnings results on Tuesday, May 5th. The technology company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. The firm had revenue of $863.93 million during the quarter, compared to analyst estimates of $854.70 million. Match Group had a negative return on equity of 307.45% and a net margin of 18.83%.The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 EPS. On average, sell-side analysts forecast that Match Group Inc. will post 3.11 EPS for the current year.

Match Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 21st. Stockholders of record on Tuesday, July 7th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, July 7th. Match Group’s payout ratio is presently 30.53%.

About Match Group

Match Group, Inc (NASDAQ: MTCH) is a leading provider of online dating products and services. The company owns and operates a diverse portfolio of consumer brands that connect singles through digital platforms. Its flagship offerings include Match.com, Tinder, Hinge, OkCupid and PlentyOfFish, which together serve users looking for long-term relationships, casual encounters and social networking opportunities.

Originating with the launch of Match.com in 1995, Match Group has grown through a combination of organic development and strategic acquisitions.