Bank of America Raises Match Group (NASDAQ:MTCH) Price Target to $36.00

Match Group (NASDAQ:MTCH) had its price target upped by investment analysts at Bank of America from $35.00 to $36.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Bank of America‘s price objective points to a potential upside of 14.47% from the stock’s previous close.

Several other analysts also recently commented on the stock. Truist Financial reduced their target price on shares of Match Group from $37.00 to $35.00 and set a “hold” rating for the company in a report on Friday, November 8th. Wells Fargo & Company reduced their price objective on Match Group from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday. UBS Group lowered their target price on Match Group from $43.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Susquehanna reduced their price target on Match Group from $45.00 to $40.00 and set a “positive” rating for the company in a research note on Friday, November 8th. Finally, KeyCorp decreased their price objective on Match Group from $45.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Ten research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Match Group currently has an average rating of “Moderate Buy” and an average target price of $39.06.

Match Group Price Performance

MTCH stock opened at $31.45 on Thursday. The stock has a market cap of $7.90 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.18 and a beta of 1.47. The company has a fifty day moving average price of $34.35 and a two-hundred day moving average price of $34.12. Match Group has a one year low of $27.66 and a one year high of $42.42.

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

Insider Transactions at Match Group

In related news, Director Stephen Bailey sold 801 shares of Match Group 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 sale, the director now directly owns 12,398 shares of the company’s stock, valued at approximately $391,900.78. The trade was a 6.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.77% of the stock is owned by insiders.

Institutional Trading of Match Group

A number of hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC grew its stake in shares of Match Group by 617.3% in the third quarter. Venturi Wealth Management LLC now owns 703 shares of the technology company’s stock worth $27,000 after purchasing an additional 605 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in Match Group during the third quarter valued at $31,000. Quarry LP grew its holdings in Match Group by 54.5% during 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. bought a new position in shares of Match Group in the 3rd quarter worth about $57,000. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Match Group by 433.5% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,846 shares of the technology company’s stock valued at $70,000 after purchasing an additional 1,500 shares in the last quarter. 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.