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

Match Group, Inc. (NASDAQ:MTCH)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $33.05, but opened at $31.46. Match Group shares last traded at $32.04, with a volume of 752,547 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MTCH shares. Truist Financial lowered their target price on Match Group from $35.00 to $34.00 and set a “hold” rating for the company in a research note on Thursday. Stifel Nicolaus lowered their target price on shares of Match Group from $39.00 to $36.00 and set a “hold” rating for the company in a research note on Thursday. Morgan Stanley cut their price objective on shares of Match Group from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Thursday. Wells Fargo & Company cut their target price on Match Group from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, StockNews.com cut shares of Match Group from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Ten equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.27.

Match Group Price Performance

The firm has a market cap of $7.68 billion, a PE ratio of 13.65, a PEG ratio of 1.18 and a beta of 1.47. The business has a 50-day moving average price of $34.47 and a two-hundred day moving average price of $34.11.

Match Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Monday, January 6th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, January 6th. This represents a $0.76 annualized dividend and a yield of 2.49%.

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

Insider Activity

In related news, Director Stephen Bailey sold 801 shares of Match Group stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $31.61, for a total transaction of $25,319.61. Following the completion of the sale, the director now owns 12,398 shares in the company, valued at approximately $391,900.78. This trade represents a 6.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.77% of the company’s stock.

Institutional Investors Weigh In On Match Group

Hedge funds have recently modified their holdings of the company. Venturi Wealth Management LLC boosted its position in shares of Match Group by 617.3% in the third quarter. Venturi Wealth Management LLC now owns 703 shares of the technology company’s stock worth $27,000 after acquiring an additional 605 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Match Group in the 3rd quarter valued at $31,000. Quarry LP boosted its holdings in shares of Match Group by 54.5% in the 2nd quarter. Quarry LP now owns 1,307 shares of the technology company’s stock valued at $40,000 after purchasing an additional 461 shares during the last quarter. Northwest & Ethical Investments L.P. acquired a new stake in shares of Match Group during the 3rd quarter worth $57,000. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Match Group by 433.5% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,846 shares of the technology company’s stock worth $70,000 after buying an additional 1,500 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Match Group Company Profile

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.