Investors Buy Large Volume of Put Options on Match Group (NASDAQ:MTCH)

Match Group, Inc. (NASDAQ:MTCH) was the target of some unusual options trading activity on Wednesday. Stock investors purchased 13,125 put options on the company. This is an increase of approximately 23% compared to the average volume of 10,695 put options.

Match Group Price Performance

MTCH stock traded down $1.57 on Wednesday, reaching $31.48. 9,621,070 shares of the company traded hands, compared to its average volume of 5,188,132. The firm has a fifty day simple moving average of $34.72 and a 200-day simple moving average of $34.15. The company has a market cap of $7.90 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 0.91 and a beta of 1.47. Match Group has a one year low of $27.66 and a one year high of $42.42.

Match Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Monday, January 6th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.41%.

Match Group declared that its Board of Directors has authorized a share repurchase program on Wednesday, December 11th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 19% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Match Group

In related news, Director Stephen Bailey sold 801 shares of the business’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.77% of the company’s stock.

Hedge Funds Weigh In On Match Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Starboard Value LP purchased a new stake in shares of Match Group during the 3rd quarter valued at about $361,605,000. Assenagon Asset Management S.A. purchased a new stake in Match Group in the second quarter worth approximately $100,848,000. Pacer Advisors Inc. raised its stake in Match Group by 88.5% during the 2nd quarter. Pacer Advisors Inc. now owns 6,263,311 shares of the technology company’s stock valued at $190,279,000 after buying an additional 2,940,667 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Match Group in the second quarter worth $49,053,000. Finally, Retirement Systems of Alabama increased its position in shares of Match Group by 2,732.1% during the 3rd quarter. Retirement Systems of Alabama now owns 1,659,718 shares of the technology company’s stock valued at $62,804,000 after purchasing an additional 1,601,115 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MTCH shares. Bank of America reaffirmed a “neutral” rating and issued a $35.00 price target (down previously from $50.00) on shares of Match Group in a report on Thursday, November 7th. UBS Group lowered their price target 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 downgraded shares of Match Group from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 price target on shares of Match Group in a report on Monday. Finally, Morgan Stanley lowered their price target on Match Group from $36.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 12th. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

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.