Match Group (NASDAQ:MTCH) Price Target Raised to $33.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised the price target for Match Group from $28.00 to $33.00, maintaining a "neutral" rating despite a projected downside of 11.46% from its previous close.
• The stock price of Match Group increased by 10.5%, reaching $37.27 during mid-day trading, with significant trading volume surpassing its average.
• Institutional investors hold a substantial majority of Match Group's stock, with 94.05% ownership, reflecting strong confidence in the company's prospects.

Match Group (NASDAQ:MTCH - Get Free Report) had its price target lifted by investment analysts at JPMorgan Chase & Co. from $28.00 to $33.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective indicates a potential downside of 11.46% from the company's previous close.

A number of other brokerages have also commented on MTCH. Stifel Nicolaus dropped their target price on Match Group from $35.00 to $29.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Barclays dropped their target price on Match Group from $52.00 to $46.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Bank of America dropped their target price on Match Group from $36.00 to $33.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Citigroup dropped their target price on Match Group from $31.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, Wells Fargo & Company upped their target price on Match Group from $31.00 to $32.00 and gave the company an "equal weight" rating in a research report on Friday, June 27th. Sixteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Match Group presently has an average rating of "Hold" and a consensus price target of $35.13.

Match Group Stock Up 10.5%

Shares of MTCH traded up $3.54 during mid-day trading on Wednesday, hitting $37.27. 16,363,140 shares of the company traded hands, compared to its average volume of 4,843,250. Match Group has a 1-year low of $26.39 and a 1-year high of $38.77. The company has a market capitalization of $9.33 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 0.75 and a beta of 1.36. The business has a 50 day moving average of $32.02 and a 200 day moving average of $31.49.

Insider Activity

In other Match Group news, CEO Spencer M. Rascoff bought 70,885 shares of the company's stock in a transaction dated Friday, May 9th. The stock was acquired at an average price of $28.05 per share, with a total value of $1,988,324.25. Following the completion of the acquisition, the chief executive officer directly owned 137,478 shares of the company's stock, valued at $3,856,257.90. This represents a 106.45% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.64% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AGF Management Ltd. lifted its position in shares of Match Group by 20.0% during the second quarter. AGF Management Ltd. now owns 100,202 shares of the technology company's stock worth $3,095,000 after purchasing an additional 16,680 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Match Group during the second quarter worth approximately $622,000. Penserra Capital Management LLC increased its stake in shares of Match Group by 17.7% during the second quarter. Penserra Capital Management LLC now owns 20,613 shares of the technology company's stock worth $636,000 after buying an additional 3,098 shares during the period. Permit Capital LLC increased its stake in shares of Match Group by 19.2% during the second quarter. Permit Capital LLC now owns 292,000 shares of the technology company's stock worth $9,020,000 after buying an additional 47,000 shares during the period. Finally, Resona Asset Management Co. Ltd. increased its stake in shares of Match Group by 23.8% during the second quarter. Resona Asset Management Co. Ltd. now owns 2,676 shares of the technology company's stock worth $83,000 after buying an additional 514 shares during the period. Institutional investors and hedge funds own 94.05% of the company's stock.

About Match Group

Match Group, Inc engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and Hakuna, as well as a various other brands, each built to increase users' likelihood of connecting with others. Its services are available in over 40 languages to users worldwide.

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