Match Group (NASDAQ:MTCH) Stock Moved Up to Outperform by Evercore

Key Points

• Evercore upgraded Match Group to “outperform” from “cautious” and set a $53 price target, implying 21.73% upside from the reported $43.54 share price.
• Analyst sentiment remains generally positive, with eight Buy and eight Hold ratings and a consensus price target of $43.85, equating to a “Moderate Buy” average rating.
• Match Group beat quarterly EPS estimates, reporting $0.70 versus the expected $0.65, while revenue of $853.11 million declined 1.2% year over year; institutional investors own 94.05% of the stock.

Match Group (NASDAQ:MTCH - Get Free Report) was upgraded by Evercore from a "cautious" rating to an "outperform" rating in a research note issued to investors on Monday, Marketbeat.com reports. The firm currently has a $53.00 price objective on the technology company's stock. Evercore's target price would indicate a potential upside of 21.73% from the company's current price.

A number of other brokerages have also recently commented on MTCH. TD Cowen reduced their target price on shares of Match Group from $46.00 to $45.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Susquehanna reissued a "positive" rating on shares of Match Group in a research note on Wednesday, August 5th. Wall Street Zen lowered shares of Match Group from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Wells Fargo & Company lifted their target price on shares of Match Group from $38.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 7th. Finally, Zacks Research downgraded Match Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Eight analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $43.85.

Match Group Price Performance

NASDAQ MTCH traded up $0.59 on Monday, hitting $43.54. The company had a trading volume of 75,657 shares, compared to its average volume of 3,980,055. The company's fifty day moving average price is $41.03 and its 200-day moving average price is $37.96. The company has a market capitalization of $9.99 billion, a PE ratio of 15.36, a PEG ratio of 0.64 and a beta of 1.43. Match Group has a 12-month low of $28.81 and a 12-month high of $44.94.

Match Group (NASDAQ:MTCH - Get Free Report) last announced its earnings results on Tuesday, August 4th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.05. The business had revenue of $853.11 million for the quarter, compared to analyst estimates of $857.77 million. Match Group had a net margin of 20.17% and a negative return on equity of 324.82%. The company's revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.49 earnings per share. On average, sell-side analysts anticipate that Match Group will post 3.31 EPS for the current year.

Insider Transactions at Match Group

In other Match Group news, Director Stephen Bailey sold 4,760 shares of the company's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $42.26, for a total value of $201,157.60. Following the transaction, the director directly owned 11,742 shares of the company's stock, valued at $496,216.92. This represents a 28.84% decrease in their position. The sale 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 business's stock in a transaction dated 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 of the company's stock, valued at $808,521.30. This represents a 43.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 23,291 shares of company stock worth $976,478. Corporate insiders own 0.71% of the company's stock.

Institutional Trading of Match Group

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE acquired a new position in shares of Match Group in the second quarter valued at $77,859,000. PointState Capital LP bought a new stake in Match Group in the second quarter valued at $41,754,000. Man Group plc bought a new position in shares of Match Group during the second quarter valued at $23,631,000. Redwood Investment Management LLC acquired a new stake in shares of Match Group in the second quarter valued at $2,275,000. Finally, Punch & Associates Investment Management Inc. bought a new position in shares of Match Group during the 2nd quarter valued at about $13,180,000. 94.05% of the stock is owned by institutional investors.

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.