HSBC Downgrades Match Group (NASDAQ:MTCH) to Hold

Match Group (NASDAQ:MTCH) was downgraded by investment analysts at HSBC from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, MarketBeat Ratings reports.

Other research analysts have also issued reports about the stock. Truist Financial lowered their target price on shares of Match Group from $35.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus lowered their price target on Match Group from $36.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday. KeyCorp cut their price objective on Match Group from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. New Street Research lowered Match Group from a “buy” rating to a “neutral” rating in a report on Monday, December 16th. Finally, Loop Capital dropped their price target on Match Group from $35.00 to $30.00 and set a “hold” rating on the stock in a research report on Thursday, December 12th. Fifteen investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $37.68.

Match Group Price Performance

Shares of NASDAQ:MTCH opened at $33.80 on Thursday. The stock has a market capitalization of $8.49 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.10 and a beta of 1.45. The business has a 50-day moving average of $32.99 and a two-hundred day moving average of $34.66. Match Group has a fifty-two week low of $27.66 and a fifty-two week high of $38.84.

Match Group (NASDAQ:MTCH) last posted its earnings results on Tuesday, February 4th. The technology company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.22). Match Group had a negative return on equity of 721.15% and a net margin of 17.86%. As a group, research analysts expect that Match Group will post 2.37 EPS for the current fiscal year.

Match Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, December 11th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 19% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Match Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sumitomo Life Insurance Co. increased its holdings in shares of Match Group by 2.9% during the third quarter. Sumitomo Life Insurance Co. now owns 10,647 shares of the technology company’s stock worth $403,000 after buying an additional 297 shares in the last quarter. Fulton Bank N.A. increased its holdings in Match Group by 3.1% during the 3rd quarter. Fulton Bank N.A. now owns 10,006 shares of the technology company’s stock valued at $379,000 after purchasing an additional 299 shares in the last quarter. Metis Global Partners LLC raised its position in Match Group by 3.0% in the 4th quarter. Metis Global Partners LLC now owns 10,956 shares of the technology company’s stock valued at $358,000 after purchasing an additional 318 shares during the last quarter. Cornerstone Investment Partners LLC boosted its stake in Match Group by 2.2% in the fourth quarter. Cornerstone Investment Partners LLC now owns 15,889 shares of the technology company’s stock worth $520,000 after purchasing an additional 349 shares in the last quarter. Finally, Assetmark Inc. boosted its stake in Match Group by 14.2% in the fourth quarter. Assetmark Inc. now owns 3,035 shares of the technology company’s stock worth $99,000 after purchasing an additional 378 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.