Match Group (NASDAQ:MTCH) Stock Gets Price Target Cut from Wells Fargo & Company

Match Group (NASDAQ:MTCH) had its price target decreased by Wells Fargo & Company from $39.00 to $38.00 in a research report released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology company’s stock.

Several other brokerages have also issued reports on MTCH. BTIG Research reissued a “neutral” rating on shares of Match Group in a report on Tuesday. JPMorgan Chase & Co. began coverage on shares of Match Group in a research report on Monday, August 24th. They issued a “neutral” rating and a $43.00 price target for the company. Evercore upgraded shares of Match Group from a “cautious” rating to an “outperform” rating and set a $53.00 price target for the company in a research note on Monday, October 19th. Wall Street Zen lowered Match Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Barclays lifted their price objective on Match Group from $51.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Match Group has a consensus rating of “Moderate Buy” and a consensus price target of $45.64.

Match Group Trading Down 2.6%

MTCH opened at $39.16 on Tuesday. The stock has a market cap of $8.99 billion, a PE ratio of 13.01, a P/E/G ratio of 0.59 and a beta of 1.47. Match Group has a 1 year low of $28.81 and a 1 year high of $46.67. The stock’s 50 day simple moving average is $42.12 and its 200-day simple moving average is $36.65.

Match Group (NASDAQ:MTCH) last issued its earnings results on Monday, November 2nd. The technology company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.02. The business had revenue of $891.23 million during the quarter, compared to analyst estimates of $892.45 million. Match Group had a negative return on equity of 361.92% and a net margin of 20.69%. Match Group’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. Equities analysts forecast that Match Group will post 3.31 earnings per share for the current fiscal year.

Match Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 21st. Stockholders of record on Wednesday, January 6th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, January 6th. Match Group’s dividend payout ratio is 27.21%.

Insider Activity at Match Group

In related news, Director Glenn Schiffman acquired 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was purchased at an average price of $36.63 per share, for a total transaction of $109,890.00. Following the transaction, the director directly owned 56,370 shares of the company’s stock, valued at approximately $2,064,833.10. This trade represents a 5.62% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Philip D. Eigenmann sold 15,000 shares of the company’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $41.70, for a total value of $625,500.00. Following the transaction, the chief accounting officer directly owned 19,389 shares in the company, valued at approximately $808,521.30. This represents a 43.62% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 23,291 shares of company stock worth $976,478. 0.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Match Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE acquired a new position in shares of Match Group during the second quarter valued at $77,859,000. PointState Capital LP bought a new position in Match Group in the second quarter valued at about $41,754,000. Man Group plc bought a new position in Match Group in the second quarter valued at about $23,631,000. Redwood Investment Management LLC bought a new position in Match Group in the second quarter valued at about $2,275,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Match Group in the second quarter valued at about $1,910,000. 94.05% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Match Group

Here are the key news stories impacting Match Group this week:

• Positive Sentiment: Citigroup expects Match Group shares to rise, while Barclays and Truist raised their price targets and UBS forecast strong appreciation. These calls may support investor confidence. Citigroup analyst outlook Barclays price target Truist price target UBS outlook
• Positive Sentiment: Tinder’s global daily active users returned to year-over-year growth in September, and Match expects full-year revenue to finish above the midpoint of its guidance range—potential signs of improving engagement and execution. Three earnings takeaways
• Neutral Sentiment: Match is testing a lower-priced Hinge plan. It could broaden access and attract users, but investors will want to see whether added subscriptions outweigh any pressure on revenue per user. Hinge plan analysis
• Negative Sentiment: A reported analyst downgrade weighed on sentiment, despite the separate target increases. Match’s latest quarterly revenue also came in slightly below expectations and declined 2.5% year over year, tempering its earnings-per-share beat. Analyst downgrade report

About Match Group

Match Group, Inc is a global provider of online dating and social discovery services. The company operates a portfolio of dating applications and websites designed to help people form relationships, including Tinder, Hinge, Match, Meetic, OkCupid, Plenty of Fish, BLK, Chispa and The League.

Its platforms serve users across a broad range of geographies and relationship preferences. Match Group generates revenue primarily through paid subscriptions, premium features, à la carte purchases and advertising.