Match Group, Inc. (NASDAQ:MTCH) Sees Large Decline in Short Interest

Match Group, Inc. (NASDAQ:MTCH) saw a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 15,340,000 shares, a drop of 21.9% from the November 30th total of 19,650,000 shares. Currently, 6.2% of the shares of the company are sold short. Based on an average daily trading volume, of 4,490,000 shares, the days-to-cover ratio is currently 3.4 days.

Match Group Trading Down 1.1 %

NASDAQ:MTCH traded down $0.37 during trading hours on Monday, hitting $32.80. 2,520,844 shares of the stock traded hands, compared to its average volume of 5,174,875. Match Group has a fifty-two week low of $27.66 and a fifty-two week high of $42.42. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.18 and a beta of 1.47. The firm has a 50 day moving average price of $33.23 and a 200 day moving average price of $34.29.

Match Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Monday, January 6th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, January 6th. This represents a $0.76 annualized dividend and a dividend yield of 2.32%. Match Group’s dividend payout ratio is 33.93%.

Match Group announced that its Board of Directors has initiated a share repurchase program on Wednesday, December 11th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 19% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions 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 stock was 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 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 this hyperlink. Insiders own 0.77% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of 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 valued at $403,000 after acquiring an additional 297 shares during the period. Fulton Bank N.A. lifted 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 acquiring an additional 299 shares during the period. Prestige Wealth Management Group LLC boosted 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 valued at $133,000 after acquiring an additional 357 shares in the last quarter. Empirical Finance LLC increased its stake in Match Group by 1.5% in the third quarter. Empirical Finance LLC now owns 25,952 shares of the technology company’s stock valued at $982,000 after acquiring an additional 384 shares during the period. Finally, State of Alaska Department of Revenue raised 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 worth $1,133,000 after purchasing an additional 455 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

MTCH has been the subject of several recent research reports. UBS Group lowered their price target on shares of Match Group from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Thursday, December 12th. Susquehanna decreased their target price on shares of Match Group from $45.00 to $40.00 and set a “positive” rating for the company in a research 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 research report on Thursday, December 12th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $33.00 target price (down from $40.00) on shares of Match Group in a research report on Wednesday, December 18th. Finally, Truist Financial decreased their price target on Match Group from $35.00 to $34.00 and set a “hold” rating for the company in a research note on Thursday, December 12th. Thirteen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Match Group presently has an average rating of “Moderate Buy” and an average price target of $37.68.

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.