Match Group (NASDAQ:MTCH) Reaches New 12-Month High – What’s Next?

Match Group Inc. (NASDAQ:MTCH)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $41.32 and last traded at $41.1860, with a volume of 394290 shares changing hands. The stock had previously closed at $40.54.

Analyst Ratings Changes

Several brokerages have recently commented on MTCH. TD Cowen boosted 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. Wells Fargo & Company raised their price target on Match Group from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Royal Bank Of Canada lifted their price objective on Match Group from $37.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Truist Financial set a $37.00 price objective on Match Group in a research note on Wednesday, May 6th. Finally, Morgan Stanley increased their target price on Match Group from $35.00 to $38.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Match Group presently has an average rating of “Hold” and an average price target of $41.29.

Match Group Stock Performance

The firm’s 50-day moving average is $37.16 and its two-hundred day moving average is $34.23. The stock has a market cap of $9.57 billion, a P/E ratio of 15.65, a PEG ratio of 0.63 and a beta of 1.30.

Match Group (NASDAQ:MTCH) last released its earnings results on Tuesday, May 5th. The technology company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. The company had revenue of $863.93 million during the quarter, compared to analysts’ expectations of $854.70 million. Match Group had a negative return on equity of 307.45% and a net margin of 18.83%.The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $0.44 EPS. As a group, research analysts forecast that Match Group Inc. will post 3.11 EPS for the current year.

Insider Transactions at Match Group

In related news, Director Melissa Anne Brenner sold 5,141 shares of Match Group stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $35.94, for a total value of $184,767.54. Following the completion of the sale, the director directly owned 16,218 shares in the company, valued at $582,874.92. This trade represents a 24.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Woodline Partners LP acquired a new stake in shares of Match Group during the 1st quarter worth approximately $662,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Match Group by 20.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,260 shares of the technology company’s stock valued at $162,000 after buying an additional 891 shares during the period. First Trust Advisors LP boosted its stake in Match Group by 45.9% in the second quarter. First Trust Advisors LP now owns 649,721 shares of the technology company’s stock valued at $20,070,000 after acquiring an additional 204,472 shares during the last quarter. Amundi boosted its stake in Match Group by 1,477.6% in the second quarter. Amundi now owns 358,709 shares of the technology company’s stock valued at $11,637,000 after acquiring an additional 335,971 shares during the last quarter. Finally, Cresset Asset Management LLC bought a new position in Match Group in the second quarter valued at approximately $298,000. Institutional investors own 94.05% of the company’s stock.

Match Group Company Profile

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.