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

New Street Research downgraded shares of Match Group (NASDAQ:MTCH) from a buy rating to a neutral rating in a report published on Monday, Marketbeat Ratings reports.

Other equities research analysts have also issued reports about the company. KeyCorp reduced their price objective on Match Group from $45.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Wells Fargo & Company decreased their price target on Match Group from $33.00 to $32.00 and set an “equal weight” rating for the company in a research report on Thursday, December 12th. Bank of America boosted their price objective on Match Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 target price on shares of Match Group in a report on Monday, December 9th. Finally, Barclays cut their price target 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. Thirteen equities research 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.68.

Match Group Price Performance

NASDAQ MTCH opened at $31.08 on Monday. The company has a market capitalization of $7.80 billion, a P/E ratio of 13.88, a PEG ratio of 1.18 and a beta of 1.47. Match Group has a 12 month low of $27.66 and a 12 month high of $42.42. The company’s 50 day simple moving average is $34.01 and its 200 day simple moving average is $34.19.

Match Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Monday, January 6th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Monday, January 6th. This represents a $0.76 annualized dividend and a dividend yield of 2.45%. Match Group’s payout ratio is 33.93%.

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

Insider Buying and Selling at Match Group

In other news, Director Stephen Bailey sold 801 shares of the firm’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 transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.77% of the company’s stock.

Hedge Funds Weigh In On Match Group

Several hedge funds have recently bought and sold shares of the business. Venturi Wealth Management LLC grew its holdings in Match Group by 617.3% during the third quarter. Venturi Wealth Management LLC now owns 703 shares of the technology company’s stock valued at $27,000 after purchasing an additional 605 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in Match Group in the 3rd quarter valued at $31,000. Quarry LP raised its holdings in Match Group by 54.5% in the 2nd quarter. Quarry LP now owns 1,307 shares of the technology company’s stock worth $40,000 after acquiring an additional 461 shares during the period. Northwest & Ethical Investments L.P. acquired a new position in Match Group during the 3rd quarter worth $57,000. Finally, International Assets Investment Management LLC bought a new stake in Match Group during the second quarter valued at about $61,000. 94.05% of the stock is 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.