Truist Financial Issues Pessimistic Forecast for Match Group (NASDAQ:MTCH) Stock Price

Match Group (NASDAQ:MTCH) had its target price lowered by investment analysts at Truist Financial from $35.00 to $34.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Truist Financial’s price target indicates a potential upside of 8.11% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Match Group in a report on Monday, December 9th. Wells Fargo & Company cut their price target on Match Group from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday. Susquehanna lowered their price target on Match Group from $45.00 to $40.00 and set a “positive” rating on the stock in a research report on Friday, November 8th. Morgan Stanley cut their price objective on Match Group from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Bank of America increased their target price on Match Group from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday. Ten equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $39.06.

Match Group Price Performance

Shares of NASDAQ MTCH opened at $31.45 on Thursday. The stock has a market capitalization of $7.90 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.18 and a beta of 1.47. The firm’s 50 day simple moving average is $34.35 and its 200-day simple moving average is $34.12. Match Group has a 12 month low of $27.66 and a 12 month high of $42.42.

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

Insider Activity at Match Group

In other Match Group news, Director Stephen Bailey sold 801 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $31.61, for a total value of $25,319.61. Following the transaction, the director now directly owns 12,398 shares in the company, valued at $391,900.78. The trade was a 6.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.77% of the stock is currently owned by insiders.

Institutional Trading of Match Group

Institutional investors have recently made changes to their positions in the company. Sumitomo Life Insurance Co. increased its stake in Match Group by 2.9% during the third quarter. Sumitomo Life Insurance Co. now owns 10,647 shares of the technology company’s stock worth $403,000 after acquiring an additional 297 shares during the last quarter. Fulton Bank N.A. grew its holdings in shares of Match Group by 3.1% during the 3rd quarter. Fulton Bank N.A. now owns 10,006 shares of the technology company’s stock worth $379,000 after purchasing an additional 299 shares during the period. Prestige Wealth Management Group LLC increased its position in shares of Match Group by 8.9% during the 2nd quarter. Prestige Wealth Management Group LLC now owns 4,375 shares of the technology company’s stock worth $133,000 after purchasing an additional 357 shares during the last quarter. Empirical Finance LLC raised its holdings in Match Group by 1.5% in the 3rd quarter. Empirical Finance LLC now owns 25,952 shares of the technology company’s stock valued at $982,000 after buying an additional 384 shares during the period. Finally, State of Alaska Department of Revenue lifted its position in Match Group by 1.5% in the third quarter. State of Alaska Department of Revenue now owns 29,955 shares of the technology company’s stock valued at $1,133,000 after buying an additional 455 shares during the last quarter. Hedge funds and other institutional investors own 94.05% 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.