Match Group (NASDAQ:MTCH) Shares Gap Down – Here’s What Happened

Match Group Inc. (NASDAQ:MTCH)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $41.24, but opened at $37.92. Match Group shares last traded at $37.99, with a volume of 824,714 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Truist Financial raised their target price on Match Group from $37.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday. Piper Sandler set a $51.00 target price on shares of Match Group in a research report on Wednesday, May 6th. Royal Bank Of Canada boosted their price target on shares of Match Group from $37.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Citigroup raised their price objective on shares of Match Group from $33.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Wells Fargo & Company boosted their target price on Match Group from $38.00 to $41.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $41.54.

Match Group Price Performance

The stock’s 50 day simple moving average is $37.31 and its two-hundred day simple moving average is $34.38. The company has a market capitalization of $8.62 billion, a P/E ratio of 13.02, a P/E/G ratio of 0.61 and a beta of 1.30.

Match Group (NASDAQ:MTCH) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported $0.70 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 analysts’ expectations of $857.77 million. Match Group had a net margin of 20.17% and a negative return on equity of 324.82%. Match Group’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 earnings per share. As a group, equities research analysts expect that Match Group Inc. will post 3.11 earnings per share for the current year.

Match Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 20th. Shareholders of record on Monday, October 5th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, October 5th. This represents a $0.80 annualized dividend and a yield of 2.2%. Match Group’s dividend payout ratio is currently 30.53%.

Institutional Investors Weigh In On Match Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisory Services Network LLC acquired a new position in shares of Match Group during the third quarter valued at $28,000. Activest Wealth Management increased its position in Match Group by 6,523.1% in the fourth quarter. Activest Wealth Management now owns 861 shares of the technology company’s stock worth $28,000 after purchasing an additional 848 shares during the period. Whittier Trust Co. increased its position in Match Group by 91.3% in the first quarter. Whittier Trust Co. now owns 903 shares of the technology company’s stock worth $29,000 after purchasing an additional 431 shares during the period. Elevation Wealth Partners LLC increased its position in Match Group by 1,319.4% in the second quarter. Elevation Wealth Partners LLC now owns 951 shares of the technology company’s stock worth $36,000 after purchasing an additional 884 shares during the period. Finally, Parkside Financial Bank & Trust raised its holdings in Match Group by 53.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,028 shares of the technology company’s stock worth $33,000 after purchasing an additional 356 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Match Group Company Profile

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.