Match Group (NASDAQ:MTCH) Reaches New 52-Week High – Here’s Why

Match Group Inc. (NASDAQ:MTCHGet Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $43.53 and last traded at $43.1980, with a volume of 298793 shares trading hands. The stock had previously closed at $42.39.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MTCH shares. Truist Financial raised their price objective on shares of Match Group from $37.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Wall Street Zen lowered shares of Match Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings raised shares of Match Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. began coverage on Match Group in a research note on Monday, August 24th. They issued a “neutral” rating and a $43.00 price target for the company. Finally, Wells Fargo & Company boosted their price objective on Match Group from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Match Group presently has an average rating of “Moderate Buy” and a consensus target price of $42.46.

Get Our Latest Research Report on MTCH

Match Group Stock Performance

The company’s fifty day moving average price is $39.81 and its 200 day moving average price is $36.23. The firm has a market capitalization of $10.19 billion, a price-to-earnings ratio of 15.69, a price-to-earnings-growth ratio of 0.63 and a beta of 1.32.

Match Group (NASDAQ:MTCHGet Free Report) last released its quarterly earnings data on Tuesday, August 4th. The technology company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.05. Match Group had a net margin of 20.17% and a negative return on equity of 324.82%. The firm had revenue of $853.11 million for the quarter, compared to analyst estimates of $857.77 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. Match Group’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, sell-side analysts expect that Match Group Inc. will post 3.31 earnings per share for the current year.

Match Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Monday, October 5th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, October 5th. Match Group’s dividend payout ratio is presently 28.27%.

Insider Buying and Selling

In related news, Director Glenn Schiffman purchased 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were acquired at an average price of $36.63 per share, with a total value of $109,890.00. Following the acquisition, the director owned 56,370 shares in the company, valued at approximately $2,064,833.10. This trade represents a 5.62% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ann Mcdaniel sold 3,531 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $42.43, for a total value of $149,820.33. Following the transaction, the director owned 26,839 shares of the company’s stock, valued at $1,138,778.77. This represents a 11.63% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 23,291 shares of company stock worth $976,478. Company insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Match Group

Several institutional investors have recently modified their holdings of MTCH. Whittier Trust Co. lifted its position in Match Group by 91.3% in the 1st quarter. Whittier Trust Co. now owns 903 shares of the technology company’s stock valued at $29,000 after purchasing an additional 431 shares during the last quarter. Elevation Wealth Partners LLC grew its position in Match Group by 1,319.4% in the 2nd quarter. Elevation Wealth Partners LLC now owns 951 shares of the technology company’s stock worth $36,000 after purchasing an additional 884 shares during the last quarter. Root Financial Partners LLC grew its position in Match Group by 63.9% in the 4th quarter. Root Financial Partners LLC now owns 1,254 shares of the technology company’s stock worth $40,000 after purchasing an additional 489 shares during the last quarter. Hantz Financial Services Inc. increased its stake in shares of Match Group by 141.5% in the fourth quarter. Hantz Financial Services Inc. now owns 1,843 shares of the technology company’s stock valued at $60,000 after purchasing an additional 1,080 shares during the period. Finally, Contravisory Investment Management Inc. acquired a new stake in shares of Match Group in the second quarter valued at approximately $76,000. Institutional investors own 94.05% of the company’s stock.

Match Group Company Profile

(Get Free Report)

Match Group, Inc is a provider of online dating and social discovery services. The company operates a portfolio of dating platforms designed to help people form connections, including Tinder, Hinge, Match, Plenty of Fish, OkCupid, Meetic, OurTime, BLK and Chispa. Its services are offered through websites and mobile applications, with features that may include profile discovery, messaging, matching, subscriptions and other paid enhancements.

Match Group serves users in markets around the world, with brands tailored to different audiences, relationship goals, age groups and geographic regions.

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