Match Group (NASDAQ:MTCH) Cut to Neutral at BTIG Research

Match Group (NASDAQ:MTCH) was downgraded by investment analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, Marketbeat Ratings reports.

MTCH has been the topic of several other research reports. Morgan Stanley boosted their price objective on shares of Match Group from $31.00 to $32.00 and gave the stock an “equal weight” rating in a report on Monday. JPMorgan Chase & Co. reissued a “neutral” rating and set a $33.00 target price (down from $40.00) on shares of Match Group in a research report on Wednesday, December 18th. Evercore ISI cut their price target on Match Group from $37.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, December 13th. Wells Fargo & Company decreased 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, December 12th. Finally, Loop Capital lowered their price objective 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. Fourteen investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.72.

Match Group Trading Up 1.2 %

MTCH opened at $32.07 on Tuesday. The business has a 50 day moving average of $32.19 and a 200-day moving average of $34.41. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 1.10 and a beta of 1.45. Match Group has a 1-year low of $27.66 and a 1-year high of $39.91.

Match Group declared that its Board of Directors has initiated a stock buyback plan on Wednesday, December 11th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to buy up to 19% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Match Group news, Director Stephen Bailey sold 801 shares of the firm’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 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.77% of the company’s stock.

Institutional Trading of Match Group

Several hedge funds have recently modified their holdings of the stock. State Street Corp lifted its holdings in Match Group by 2.3% during the 3rd quarter. State Street Corp now owns 17,672,611 shares of the technology company’s stock worth $668,732,000 after buying an additional 391,977 shares in the last quarter. Starboard Value LP bought a new stake in shares of Match Group during the third quarter worth $361,605,000. Pacer Advisors Inc. lifted its stake in shares of Match Group by 88.5% during the second quarter. Pacer Advisors Inc. now owns 6,263,311 shares of the technology company’s stock valued at $190,279,000 after acquiring an additional 2,940,667 shares during the period. FMR LLC boosted its holdings in Match Group by 10.4% in the third quarter. FMR LLC now owns 5,540,916 shares of the technology company’s stock valued at $209,668,000 after acquiring an additional 524,144 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in Match Group by 56.8% during the 4th quarter. Nordea Investment Management AB now owns 2,390,194 shares of the technology company’s stock worth $78,733,000 after purchasing an additional 866,026 shares during the last quarter. 94.05% of the stock is 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.