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Match Group (MTCH) Reaches New 1-Year High Following Analyst Upgrade
May 16th, 2019 - Comments Off on Match Group (MTCH) Reaches New 1-Year High Following Analyst Upgrade - Filed Under - by Lindsey Winhoffer
Filed Under: Investing - Price Articles
Match Group Inc (NASDAQ:MTCH) shares reached a new 52-week high during trading on Tuesday after Zacks Investment Research upgraded the stock from a hold rating to a strong-buy rating. Zacks Investment Research now has a $78.00 price target on the stock. Match Group traded as high as $70.45 and last traded at $68.31, with a volume of 94723 shares changing hands. The stock had previously closed at $69.24.
According to Zacks, "Match Group is the world's foremost provider of dating products and operates a portfolio of more than 45 brands. The company enjoys a first mover's advantage in the online dating market. The company's increase in its average subscriber base, driven primarily by solid contribution from Tinder is a key catalyst. Growing international presence and robust adoption of Tinder Gold subscription offering remains noteworthy. Further, sturdy synergies from Meetic, Match and PlentyOfFish bode well for the company. Notably, shares of the company have outperformed the industry in the past year. However, higher investments in Tinder along with higher-than-expected data costs and professional fees might limit margin expansion."
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Several other research analysts have also commented on the stock. BMO Capital Markets raised their price target on shares of Match Group to $75.00 and gave the company an "outperform" rating in a report on Monday. SunTrust Banks raised their price target on shares of Match Group to $62.00 and gave the company a "hold" rating in a report on Thursday, May 9th. Barclays raised their price target on shares of Match Group from $56.00 to $66.00 and gave the company an "equal weight" rating in a report on Thursday, May 9th. Goldman Sachs Group upgraded shares of Match Group from a "sell" rating to a "neutral" rating and raised their price target for the company from $48.00 to $66.00 in a report on Thursday, May 9th. Finally, ValuEngine upgraded shares of Match Group from a "buy" rating to a "strong-buy" rating in a report on Wednesday, May 8th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and four have issued a strong buy rating to the company's stock. Match Group presently has a consensus rating of "Buy" and an average price target of $63.26.
A number of large investors have recently modified their holdings of the business. Schonfeld Strategic Advisors LLC grew its position in Match Group by 60.0% in the first quarter. Schonfeld Strategic Advisors LLC now owns 10,400 shares of the technology company's stock valued at $588,000 after acquiring an additional 3,900 shares in the last quarter. Man Group plc grew its position in Match Group by 94.3% in the first quarter. Man Group plc now owns 92,255 shares of the technology company's stock valued at $5,222,000 after acquiring an additional 44,783 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in Match Group in the first quarter valued at approximately $216,000. Ellington Management Group LLC acquired a new stake in Match Group in the first quarter valued at approximately $328,000. Finally, Marshall Wace LLP acquired a new stake in Match Group in the first quarter valued at approximately $5,739,000. 20.20% of the stock is owned by institutional investors.
The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 11.10. The stock has a market cap of $18.94 billion, a PE ratio of 53.55, a P/E/G ratio of 3.24 and a beta of 0.58.
Match Group (NASDAQ:MTCH) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.25 by $0.17. Match Group had a net margin of 27.90% and a return on equity of 120.25%. The company had revenue of $464.60 million during the quarter, compared to the consensus estimate of $463.69 million. During the same quarter last year, the company earned $0.26 earnings per share. Match Group's revenue for the quarter was up 14.0% on a year-over-year basis. On average, research analysts predict that Match Group Inc will post 1.41 earnings per share for the current fiscal year.
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Match Group Company Profile (NASDAQ:MTCH)
Match Group, Inc provides dating products worldwide. It operates a portfolio of brands, including Tinder, Match, PlentyOfFish, Meetic, OkCupid, OurTime, Pairs, and Hinge, as well as other brands. Match Group, Inc offers its dating products through its applications and Websites in approximately 40 languages.
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Lindsey Winhoffer
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