Loop Capital Issues Pessimistic Forecast for Match Group (NASDAQ:MTCH) Stock Price

Match Group (NASDAQ:MTCH) had its price objective lowered by investment analysts at Loop Capital from $35.00 to $30.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Loop Capital’s price objective suggests a potential downside of 4.61% from the stock’s current price.

Several other analysts also recently commented on the company. Bank of America raised their target price on Match Group from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday. StockNews.com downgraded Match Group from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Piper Sandler reaffirmed an “overweight” rating and set a $40.00 target price on shares of Match Group in a research report on Thursday. KeyCorp reduced their price target on shares of Match Group from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Finally, Barclays lowered their price objective on shares of Match Group from $55.00 to $53.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Ten analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $39.06.

Match Group Trading Up 2.8 %

NASDAQ:MTCH opened at $31.45 on Thursday. Match Group has a 12 month low of $27.66 and a 12 month high of $42.42. The stock has a market capitalization of $7.90 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.18 and a beta of 1.47. The firm has a fifty day simple moving average of $34.35 and a two-hundred day simple moving average of $34.12.

Match Group announced that its board has approved a share buyback program on Wednesday, December 11th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 19% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Stephen Bailey sold 801 shares of Match Group stock in a transaction that occurred 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 sale, the director now owns 12,398 shares of the company’s stock, valued at approximately $391,900.78. The trade was 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. 0.77% of the stock is owned by insiders.

Hedge Funds Weigh In On Match Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Starboard Value LP bought a new position in shares of Match Group during the 3rd quarter worth $361,605,000. Pacer Advisors Inc. lifted its holdings in 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 purchasing an additional 2,940,667 shares during the last quarter. Marshall Wace LLP bought a new position in Match Group during the second quarter worth about $49,053,000. Retirement Systems of Alabama increased its stake in shares of Match Group by 2,732.1% in the third quarter. Retirement Systems of Alabama now owns 1,659,718 shares of the technology company’s stock worth $62,804,000 after purchasing an additional 1,601,115 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Match Group by 75.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,271,787 shares of the technology company’s stock valued at $69,018,000 after purchasing an additional 977,090 shares during the period. 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.