Match Group (NASDAQ:MTCH) Sets New 52-Week High Following Analyst Upgrade

Key Points

• Match Group shares hit a new 52-week high, rising 4.1% to roughly $44.75 after Evercore upgraded the stock to “outperform” and set a $53 price target.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $43.85; eight analysts rate the stock a Buy and eight rate it a Hold.
• Match Group reported quarterly EPS of $0.70, beating estimates, while revenue declined 1.2% year over year to $853.11 million. The company also declared a quarterly dividend of $0.20 per share, representing a 1.8% yield.

Match Group Inc. (NASDAQ:MTCH - Get Free Report) shares reached a new 52-week high on Monday after Evercore upgraded the stock from a cautious rating to an outperform rating. Evercore now has a $53.00 price target on the stock. Match Group traded as high as $44.95 and last traded at $44.7520, with a volume of 2,587,553 shares. The stock had previously closed at $42.95.

A number of other equities analysts have also weighed in on MTCH. Weiss Ratings raised Match Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. TD Cowen cut their target price on Match Group from $46.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Wells Fargo & Company lifted their price target on shares of Match Group from $38.00 to $41.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Morgan Stanley set a $40.00 price target on shares of Match Group in a research report on Wednesday, August 5th. Finally, Truist Financial boosted their price target on shares of Match Group from $37.00 to $41.00 and gave the company a "hold" rating in a research note on Wednesday, August 5th. Eight analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, Match Group has a consensus rating of "Moderate Buy" and a consensus target price of $43.85.

Insiders Place Their Bets

In other Match Group news, Director Glenn Schiffman bought 3,000 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was purchased at an average cost of $36.63 per share, with a total value of $109,890.00. Following the transaction, the director directly owned 56,370 shares in the company, valued at $2,064,833.10. This trade represents a 5.62% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ann Mcdaniel sold 3,531 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $42.43, for a total transaction of $149,820.33. Following the sale, the director owned 26,839 shares of the company's stock, valued at $1,138,778.77. This trade represents a 11.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,291 shares of company stock worth $976,478 in the last ninety days. Company insiders own 0.71% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MTCH. Versant Capital Management Inc increased its holdings in shares of Match Group by 1.9% during the 2nd quarter. Versant Capital Management Inc now owns 15,463 shares of the technology company's stock valued at $588,000 after purchasing an additional 289 shares in the last quarter. Bessemer Group Inc. boosted its holdings in Match Group by 3.1% during the first quarter. Bessemer Group Inc. now owns 10,327 shares of the technology company's stock worth $317,000 after buying an additional 311 shares in the last quarter. Bollard Group LLC boosted its holdings in Match Group by 0.6% during the first quarter. Bollard Group LLC now owns 52,928 shares of the technology company's stock worth $1,625,000 after buying an additional 322 shares in the last quarter. Whittier Trust Co. boosted its holdings in Match Group by 91.3% during the first quarter. Whittier Trust Co. now owns 903 shares of the technology company's stock worth $29,000 after buying an additional 431 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its holdings in Match Group by 0.3% during the third quarter. Sound Income Strategies LLC now owns 137,124 shares of the technology company's stock worth $5,691,000 after buying an additional 460 shares in the last quarter. Institutional investors own 94.05% of the company's stock.

Match Group Stock Up 4.1%

The company has a market cap of $10.27 billion, a price-to-earnings ratio of 15.81, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. The company's 50-day moving average is $41.03 and its 200 day moving average is $37.96.

Match Group (NASDAQ:MTCH - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.05. Match Group had a negative return on equity of 324.82% and a net margin of 20.17%. The company had revenue of $853.11 million during the quarter, compared to analysts' expectations of $857.77 million. During the same quarter in the prior year, the firm posted $0.49 EPS. Match Group's quarterly revenue was down 1.2% compared to the same quarter last year. Analysts predict that Match Group Inc. will post 3.31 EPS for the current fiscal year.

Match Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Monday, October 5th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, October 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.8%. Match Group's dividend payout ratio (DPR) is currently 28.27%.

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.

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