Stock Buyback Program Authorized by Match Group (NASDAQ:MTCH)

Match Group (NASDAQ:MTCH) declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, December 11th, RTT News reports. The company plans to buyback $1.50 billion in shares. This buyback authorization permits the technology company to buy up to 19% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Match Group Stock Down 4.8 %

Match Group stock traded down $1.57 during mid-day trading on Wednesday, hitting $31.48. 9,621,070 shares of the company were exchanged, compared to its average volume of 5,188,132. The company has a market capitalization of $7.90 billion, a PE ratio of 14.05, a price-to-earnings-growth ratio of 0.91 and a beta of 1.47. Match Group has a 1-year low of $27.66 and a 1-year high of $42.42. The business has a fifty day moving average of $34.72 and a 200 day moving average of $34.15.

Match Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Monday, January 6th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.41%.

Wall Street Analyst Weigh In

A number of analysts have commented on MTCH shares. Bank of America restated a “neutral” rating and set a $35.00 price target (down from $50.00) on shares of Match Group in a research report on Thursday, November 7th. Wells Fargo & Company decreased their price target on shares of Match Group from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 8th. UBS Group cut their price objective on Match Group from $43.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. StockNews.com cut shares of Match Group from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price target on shares of Match Group in a report on Monday. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Match Group presently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

Insider Buying and Selling at Match Group

In other Match Group news, Director Stephen Bailey sold 801 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were 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. The trade was a 6.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.77% of the company’s stock.

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.