SSgA Funds Management, Inc. recently announced the acquisition of new stake in Match Group Inc. (NASDAQ:MTCH). The institutional investor has increased its shareholding in the Communication Services company by 0.07% to 13.22 million shares with purchase of 9314.0 shares. This fresh investment now brings its stake to 4.76% valued currently at $457.57 million. In addition, Wellington Management Co. LLP raised its holdings by 2.13 million to 8.28 million shares. And TIAA-CREF Investment Management L has lifted its position by 24.09% or 1.51 million shares – to 7.76 million shares.
With over 5.5 million Match Group Inc. (MTCH) shares trading Monday and a closing price of $32.59 on the day, the dollar volume was approximately $179.18 million. The shares have shown a negative half year performance of -4.09% and its price on 11/20/23 gained nearly 0.49%. Currently, there are 279.63M common shares owned by the public and among those 270.33M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for MTCH have a consensus price objective of $43.41. The analysts have set the share’s price value over the next 12 months at a high of $60.00 and a low of $30.00. The average price target is 24.93% above its recent price level and a downside to the estimated low will see the stock lose -8.63% over that period. But an upside of 45.68% will see the stock hit the forecast high price target while median target price for the stock is $40.00.
Insiders at the company have transacted a total of 68 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 47 of these insider trades were purchases, accounting for 350,489 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 164,586 shares.
The top 3 mutual fund holders in Match Group Inc. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 8.68 million shares of the company’s stock, all valued at over $300.47 million. The company bought an additional 47882.0 shares recently to bring their total holdings to about 3.12% of the shares outstanding. Vanguard 500 Index Fund bought 29510.0 shares to see its total holdings expand to 6.71 million shares valued at over $232.26 million and representing 2.41% of the shares outstanding. Vanguard Mid Cap Index Fund sold 5831.0 shares to bring its total holdings to over 6.29 million shares at a value of $217.76 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.26% of the shares outstanding.
However, the script later moved the day high at 33.10, up 0.49%. The company’s stock has a 5-day price change of 11.92% and -27.29% over the past three months. MTCH shares are trading -21.45% year to date (YTD), with the 12-month market performance down to -30.70% lower. It has a 12-month low price of $27.85 and touched a high of $54.60 over the same period. MTCH has an average intraday trading volume of 4.98 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.59%, -10.36%, and -17.47% respectively.
Institutional ownership of Match Group Inc. (NASDAQ: MTCH) shares accounts for 98.75% of the company’s 279.63M shares outstanding. Mutual fund holders own 5.09%, while other institutional holders and individual stakeholders account for 57.42% and 39.79% respectively.
It has a market capitalization of $8.86B and a beta (3y monthly) value of 1.10. The stock’s trailing 12-month PE ratio is 18.54, while the earnings-per-share (ttm) stands at $1.76. The company has a PEG of 0.71 and a Quick Ratio of 1.96. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.97% over the week and 4.59% over the month.
Analysts forecast that Match Group Inc. (MTCH) will achieve an EPS of $0.49 for the current quarter, $0.49 for the next quarter and $2.17 for 2024. The lowest estimate earnings-per-share for the quarter is $0.45 while analysts give the company a high EPS estimate of $0.54. Comparatively, EPS for the current quarter was $0.3 a year ago. Earnings per share for the fiscal year are expected to increase by 55.41%, and 13.05% over the next financial year. EPS should grow at an annualized rate of 26.12% over the next five years, compared to 0.82% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate Match Group Inc. (MTCH) as a “Strong Buy” at a consensus score of 1.75. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 9 of the 28 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MTCH, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on October 19, 2023, with the firm’s price target at $52.
