Stock Buyback Program Announced 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 outstanding shares. This buyback authorization permits the technology company to reacquire up to 19% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Match Group Price Performance

Shares of Match Group stock opened at $31.45 on Friday. Match Group has a 1 year low of $27.66 and a 1 year high of $42.42. The business has a 50-day moving average of $34.47 and a two-hundred day moving average of $34.11. The company has a market capitalization of $7.90 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 1.18 and a beta of 1.47.

Match Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Monday, January 6th will be issued a $0.19 dividend. The ex-dividend date is Monday, January 6th. This represents a $0.76 annualized dividend and a dividend yield of 2.42%.

Analysts Set New Price Targets

MTCH has been the topic of several research reports. Barclays cut their price target on Match Group from $55.00 to $53.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Wells Fargo & Company cut their price target on Match Group from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday. Stifel Nicolaus cut their price target on Match Group from $39.00 to $36.00 and set a “hold” rating on the stock in a research note on Thursday. Piper Sandler reaffirmed an “overweight” rating and set a $40.00 price target on shares of Match Group in a research note on Thursday. Finally, Loop Capital cut their price target on Match Group from $35.00 to $30.00 and set a “hold” rating on the stock in a research note on Thursday. Ten analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Match Group has a consensus rating of “Moderate Buy” and an average target price of $39.06.

Insiders Place Their Bets

In other Match Group news, Director Stephen Bailey sold 801 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $31.61, for a total value of $25,319.61. Following the completion of the sale, the director now directly owns 12,398 shares in the company, valued at $391,900.78. This represents 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 available through the SEC website. Corporate insiders own 0.77% of the company’s stock.

Match Group Company Profile

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.