Match Group (NASDAQ:MTCH) Cut to “Neutral” at New Street Research

Match Group (NASDAQ:MTCH) was downgraded by investment analysts at New Street Research from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday,Finviz reports.

Several other brokerages have also recently commented on MTCH. Royal Bank of Canada restated an “outperform” rating and issued a $35.00 target price on shares of Match Group in a research report on Monday, December 9th. Truist Financial lowered their price objective on shares of Match Group from $35.00 to $34.00 and set a “hold” rating for the company in a research report on Thursday. Bank of America raised their target price on Match Group from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday. Barclays lowered their price target on Match Group from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Finally, Evercore ISI reduced their price objective on Match Group from $37.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday. Eleven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Match Group currently has an average rating of “Moderate Buy” and an average price target of $39.06.

Match Group Stock Performance

Shares of NASDAQ MTCH opened at $31.45 on Monday. The stock has a market capitalization of $7.90 billion, a P/E ratio of 14.04, a PEG ratio of 1.18 and a beta of 1.47. The stock’s fifty day moving average is $34.35 and its 200 day moving average is $34.19. Match Group has a 52 week low of $27.66 and a 52 week high of $42.42.

Match Group declared that its Board of Directors has initiated a share buyback program on Wednesday, December 11th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 19% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Match Group news, Director Stephen Bailey sold 801 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $31.61, for a total value of $25,319.61. Following the completion of the sale, the director now owns 12,398 shares of the company’s stock, valued at approximately $391,900.78. This trade represents a 6.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.77% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Starboard Value LP purchased a new position in shares of Match Group in the 3rd quarter worth about $361,605,000. Versor Investments LP grew its holdings in Match Group by 301.7% during the third quarter. Versor Investments LP now owns 48,200 shares of the technology company’s stock valued at $1,824,000 after purchasing an additional 36,200 shares during the period. Paloma Partners Management Co increased its position in Match Group by 510.3% in the third quarter. Paloma Partners Management Co now owns 65,086 shares of the technology company’s stock worth $2,463,000 after buying an additional 54,422 shares during the last quarter. Aviance Capital Partners LLC purchased a new position in shares of Match Group during the 3rd quarter valued at $2,170,000. Finally, Mawer Investment Management Ltd. increased its holdings in Match Group by 71.4% in the 3rd quarter. Mawer Investment Management Ltd. now owns 643,335 shares of the technology company’s stock worth $24,344,000 after acquiring an additional 267,890 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Match Group Company Profile

Match Group, Inc engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and Hakuna, as well as a various other brands, each built to increase users' likelihood of connecting with others. Its services are available in over 40 languages to users worldwide.