Match Group (NASDAQ:MTCH) Sets New 52-Week High Following Analyst Upgrade

Match Group Inc. (NASDAQ:MTCH)’s stock price 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.

Several other equities analysts have also recently issued reports on the company. Barclays lifted their price target on Match Group from $49.00 to $51.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Wall Street Zen raised Match Group from a “hold” rating to a “buy” rating in a research note on Sunday, April 26th. TD Cowen lifted their target price on Match Group from $37.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Weiss Ratings upgraded shares of Match Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Finally, Piper Sandler set a $51.00 price target on shares of Match Group in a report on Wednesday, May 6th. Six equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $41.29.

Insider Activity at Match Group

In other news, Director Melissa Anne Brenner sold 5,141 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $35.94, for a total transaction of $184,767.54. Following the completion of the sale, the director directly owned 16,218 shares of the company’s stock, valued at $582,874.92. This trade represents a 24.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Match Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisory Services Network LLC acquired a new stake in Match Group during the 3rd quarter worth about $28,000. Activest Wealth Management increased its position in shares of Match Group by 6,523.1% in the fourth quarter. Activest Wealth Management now owns 861 shares of the technology company’s stock worth $28,000 after acquiring an additional 848 shares in the last quarter. Whittier Trust Co. increased its position in shares of Match Group by 91.3% in the first quarter. Whittier Trust Co. now owns 903 shares of the technology company’s stock worth $29,000 after acquiring an additional 431 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Match Group by 53.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,028 shares of the technology company’s stock valued at $33,000 after acquiring an additional 356 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Match Group during the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Match Group Trading Up 4.0%

The company’s 50-day moving average is $36.05 and its 200 day moving average is $33.27. The firm has a market cap of $9.14 billion, a PE ratio of 14.95, a P/E/G ratio of 0.61 and a beta of 1.30.

Match Group (NASDAQ:MTCH) last posted its quarterly earnings data 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. Match Group had a net margin of 18.83% and a negative return on equity of 307.45%. The firm had revenue of $863.93 million for the quarter, compared to analysts’ expectations of $854.70 million. During the same period in the previous year, the company posted $0.44 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, research analysts predict that Match Group Inc. will post 3.11 EPS for the current fiscal year.

Match Group Announces Dividend

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