Renaissance Technologies LLC Boosts Stake in Match Group Inc. $MTCH

Key Points

• Renaissance Technologies sharply increased its Match Group position by 196.6% in the first quarter, ending with 3.19 million shares worth about $98.1 million. Institutional ownership remains high, with hedge funds and other investors holding about 94.05% of the stock.
• Match Group reported better-than-expected quarterly results, posting EPS of $0.68 versus the $0.61 consensus and revenue of $863.9 million, up 3.9% year over year. Analysts now expect full-year EPS of 3.11.
• The company also paid a quarterly dividend of $0.20 per share, equal to a 2.1% annual yield, while Wall Street’s overall view remains cautious with a consensus rating of “Hold” and an average price target of $41.29.

Renaissance Technologies LLC lifted its stake in shares of Match Group Inc. (NASDAQ:MTCH - Free Report) by 196.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,194,368 shares of the technology company's stock after acquiring an additional 2,117,414 shares during the period. Renaissance Technologies LLC owned approximately 1.37% of Match Group worth $98,099,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Advisory Services Network LLC purchased a new stake in Match Group during the third quarter valued at about $28,000. Activest Wealth Management boosted its holdings in shares of Match Group by 6,523.1% in the 4th quarter. Activest Wealth Management now owns 861 shares of the technology company's stock worth $28,000 after purchasing an additional 848 shares in the last quarter. Whittier Trust Co. boosted its holdings in shares of Match Group by 91.3% in the 1st quarter. Whittier Trust Co. now owns 903 shares of the technology company's stock worth $29,000 after purchasing an additional 431 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of Match Group by 53.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,028 shares of the technology company's stock valued at $33,000 after purchasing an additional 356 shares during the last quarter. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Match Group during the 4th quarter valued at about $38,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Match Group Price Performance

MTCH opened at $37.91 on Friday. The stock's 50 day simple moving average is $36.72 and its 200 day simple moving average is $33.92. The firm has a market cap of $8.84 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 0.61 and a beta of 1.30. Match Group Inc. has a 1 year low of $28.81 and a 1 year high of $41.03.

Match Group (NASDAQ:MTCH - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. Match Group had a negative return on equity of 307.45% and a net margin of 18.83%.The firm had revenue of $863.93 million during the quarter, compared to the consensus estimate of $854.70 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The business's revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Match Group Inc. will post 3.11 EPS for the current year.

Match Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Tuesday, July 7th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, July 7th. This represents a $0.80 annualized dividend and a yield of 2.1%. Match Group's dividend payout ratio is presently 30.53%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MTCH shares. Wall Street Zen upgraded Match Group from a "hold" rating to a "buy" rating in a research report on Sunday, April 26th. Piper Sandler set a $51.00 price target on shares of Match Group in a research report on Wednesday, May 6th. Morgan Stanley lifted their price target on shares of Match Group from $35.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on shares of Match Group from $38.00 to $41.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Finally, Citigroup upped their price objective on shares of Match Group from $33.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Six investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Match Group currently has a consensus rating of "Hold" and a consensus price target of $41.29.

Insider Transactions at Match Group

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

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.

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