Match Group (NASDAQ:MTCH) Reaches New 52-Week Low – Here’s What Happened

Match Group, Inc. (NASDAQ:MTCH) hit a new 52-week low during trading on Monday . The company traded as low as $26.57 and last traded at $27.67, with a volume of 40338 shares changing hands. The stock had previously closed at $28.74.

Analyst Upgrades and Downgrades

MTCH has been the subject of several analyst reports. Morgan Stanley boosted their target price on Match Group from $32.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. Jefferies Financial Group reissued a “hold” rating and set a $32.00 target price (down previously from $40.00) on shares of Match Group in a research report on Tuesday, December 17th. Barclays lowered their price objective on shares of Match Group from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $33.00 price objective (down previously from $40.00) on shares of Match Group in a research note on Wednesday, December 18th. Finally, HSBC cut shares of Match Group from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Fifteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $37.68.

Match Group Price Performance

The stock has a market cap of $7.12 billion, a P/E ratio of 14.08, a price-to-earnings-growth ratio of 0.82 and a beta of 1.49. The stock’s 50 day simple moving average is $32.61 and its two-hundred day simple moving average is $33.60.

Match Group (NASDAQ:MTCH) last issued its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.22). Match Group had a negative return on equity of 574.22% and a net margin of 15.84%. As a group, analysts forecast that Match Group, Inc. will post 2.44 earnings per share for the current fiscal year.

Match Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.76 annualized dividend and a dividend yield of 2.67%. Match Group’s dividend payout ratio is currently 37.62%.

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

Insider Buying and Selling at Match Group

In other Match Group news, President Gary Swidler sold 242,209 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $32.86, for a total transaction of $7,958,987.74. Following the sale, the president now directly owns 1,690 shares of the company’s stock, valued at $55,533.40. The trade was a 99.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.77% of the company’s stock.

Institutional Investors Weigh In On Match Group

Hedge funds have recently bought and sold shares of the stock. Canada Post Corp Registered Pension Plan acquired a new position in shares of Match Group in the fourth quarter valued at approximately $43,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Match Group by 30,240.0% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,517 shares of the technology company’s stock valued at $50,000 after buying an additional 1,512 shares in the last quarter. Quarry LP increased its position in Match Group by 126.3% during the 3rd quarter. Quarry LP now owns 2,958 shares of the technology company’s stock worth $112,000 after buying an additional 1,651 shares during the period. Assetmark Inc. lifted its holdings in shares of Match Group by 14.2% during the fourth quarter. Assetmark Inc. now owns 3,035 shares of the technology company’s stock worth $99,000 after buying an additional 378 shares in the last quarter. Finally, Principal Securities Inc. grew its stake in shares of Match Group by 420.3% in the fourth quarter. Principal Securities Inc. now owns 3,283 shares of the technology company’s stock valued at $107,000 after acquiring an additional 2,652 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.