Loop Capital Cuts Match Group (NASDAQ:MTCH) Price Target to $30.00

Match Group (NASDAQ:MTCH) had its target price decreased by Loop Capital from $35.00 to $30.00 in a report issued on Thursday morning,Benzinga reports. Loop Capital currently has a hold rating on the technology company’s stock.

MTCH has been the subject of several other research reports. Royal Bank of Canada restated an “outperform” rating and issued a $35.00 price objective on shares of Match Group in a research report on Monday, December 9th. Piper Sandler restated an “overweight” rating and issued a $40.00 price objective on shares of Match Group in a research report on Thursday. Wells Fargo & Company reduced their price objective on Match Group from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday. Barclays lowered their target price on Match Group from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Finally, StockNews.com lowered Match Group from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Ten research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.06.

Match Group Stock Performance

Shares of MTCH stock opened at $31.45 on Thursday. Match Group has a 52 week low of $27.66 and a 52 week high of $42.42. The stock has a market capitalization of $7.90 billion, a PE ratio of 14.04, a PEG ratio of 1.18 and a beta of 1.47. The stock’s fifty day moving average is $34.35 and its 200-day moving average is $34.16.

Match Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Monday, January 6th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Monday, January 6th.

Match Group announced that its Board of Directors has approved a stock buyback plan on Wednesday, December 11th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to reacquire up to 19% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Stephen Bailey sold 801 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $31.61, for a total value of $25,319.61. Following the completion of the sale, the director now owns 12,398 shares in the company, valued at $391,900.78. This represents a 6.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.77% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTCH. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Match Group in the second quarter worth about $220,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Match Group by 3.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 577,885 shares of the technology company’s stock valued at $17,556,000 after purchasing an additional 17,540 shares during the period. Penn Davis Mcfarland Inc. increased its stake in Match Group by 1.0% during the 2nd quarter. Penn Davis Mcfarland Inc. now owns 470,391 shares of the technology company’s stock worth $14,290,000 after purchasing an additional 4,638 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Match Group by 7.3% during the 2nd quarter. First Horizon Advisors Inc. now owns 8,841 shares of the technology company’s stock worth $269,000 after buying an additional 598 shares during the period. Finally, Pallas Capital Advisors LLC lifted its stake in Match Group by 8.1% in the second quarter. Pallas Capital Advisors LLC now owns 13,476 shares of the technology company’s stock valued at $409,000 after buying an additional 1,010 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.