In a recent filing with the Securities and Exchange Commission (SEC), Empower Advisory Group LLC disclosed that it has acquired a new stake in Match Group, Inc. (NASDAQ:MTCH) during the first quarter of this year. The firm purchased 1,287,744 shares of the technology company’s stock, which were valued at approximately $49,514,000.
As of its most recent filing with the SEC, Empower Advisory Group LLC owned about 0.46% of Match Group. This acquisition signifies the firm’s confidence in the company’s potential for growth and profitability.
Match Group is a leading technology company that operates several popular online dating platforms including Tinder, Match.com, OkCupid, and PlentyOfFish. The company connects millions of people around the world through these platforms and facilitates meaningful connections between individuals seeking romantic relationships.
On August 1st, Match Group released its quarterly earnings report, impressing investors and analysts alike. The technology company reported earnings per share of $0.48 for the quarter, surpassing the consensus estimate by $0.03. Additionally, its revenue for the quarter amounted to $830 million – higher than analysts’ expectations of $811.55 million.
Match Group demonstrated a net margin of 14.68% and a negative return on equity of 121.94%. Despite these figures, the business exhibited a growth rate of 4.5% in quarterly revenue compared to last year. In the same quarter last year, Match Group posted earnings per share of $0.70.
Industry analysts have projected that Match Group will likely post earnings per share of 1.98 for this current year on average. With its solid financial performance and consistently expanding user base across various dating platforms, Match Group continues to position itself as a dominant player in the online dating industry.
Empower Advisory Group LLC’s decision to invest in Match Group indicates their belief in the company’s potential for continued success and financial prosperity. As the online dating landscape evolves and more individuals seek to connect through digital platforms, Match Group remains at the forefront of innovation and market leadership.
Investors and industry analysts will undoubtedly continue to monitor Match Group’s performance closely, as its earnings reports provide valuable insights into the company’s growth trajectory. With its recent acquisition by Empower Advisory Group LLC, Match Group has gained a significant partner in further propelling its success in the online dating sector.
Institutional Investors and Hedge Funds Show Interest in Match Group (MTCH) as Stakes Increase and Analysts Give Positive Ratings
In recent news, several institutional investors and hedge funds have made significant changes to their stakes in Match Group (MTCH), a prominent technology company. Acadian Asset Management LLC, for instance, has increased its stake in the company by a staggering 73.8% in the first quarter. This move resulted in Acadian Asset Management LLC now owning 2,082 shares of Match Group’s stock, with an estimated value of $224,000 after purchasing an additional 884 shares during the last quarter.
Another notable firm, Dimensional Fund Advisors LP, also made changes to its stake in Match Group during the same period. They increased their stake in the technology company by 3.3%, bringing their total ownership to 840,248 shares valued at $91,374,000 after acquiring an additional 26,902 shares over the last quarter.
Aviva PLC also joined the trend and grew its position in Match Group by 4.0% during the first quarter. They now own 90,746 shares of Match Group’s stock valued at $9,868,000 after acquiring an additional 3,455 shares during this period. Furthermore, Prudential PLC decided to acquire a new position in Match Group worth approximately $279,000 during the first quarter.
One of the largest players on this list is Vanguard Group Inc., whose stake grew by 1.7% during the first quarter. The investment firm currently owns an impressive 29,160,856 shares of Match Group’s stock valued at $3,170,951,000 after acquiring an additional 500,418 shares during this time frame.
Overall ownership analysis reveals that hedge funds and other institutional investors now hold approximately 93.56% of Match Group’s stock.
Research analysts have shared their opinions on MTCH as well. JPMorgan Chase & Co., for example raised their target price from $55.00 to $60.00 and gave Match Group an “overweight” rating in a recent research report. Similarly, Barclays increased their target price from $50.00 to $56.00 and also assigned an “overweight” rating. Piper Sandler joined in with an increase in target price from $55.00 to $60.00 in their research report, published on July 14th.
Royal Bank of Canada further contributed to the positive outlook by increasing their target price from $50.00 to $52.00 and giving Match Group an “outperform” rating in their research report on August 3rd. Stifel Nicolaus concluded this line of positive ratings by raising their price objective from $37.00 to $44.00 on August 3rd as well.
In other significant news, Director Ann Mcdaniel sold 8,735 shares of Match Group’s stock in August this year at an average price of $45.82 per share totaling $400,237.70 in transaction value. Following the sale, Mcdaniel’s stake now stands at 12,516 shares, valued at approximately $573,483.12.
These developments were documented through a filing with the SEC which can be accessed through the provided link for more information regarding this transaction.
It is important to note that corporate insiders have collectively sold 10,235 shares of Match Group’s stock over the past quarter alone, accumulating approximately $467,703 worth of transactions which amounts to 0.72% ownership by insiders.
As for the stock itself, Match Group opened at a price of $42.51 on Thursday with key metrics worth noting including a fifty-day moving average price of $45.15 and a two-hundred-day moving average price of $40.07.
With a market capitalization amounting to approximately $11.82 billion and a P/E ratio standing at 25.92 along with a price-to-earnings growth ratio of 0.81, Match Group holds an esteemed position in the market. The company also has a beta score of 1.36.
Furthermore, it is worth mentioning that Match Group’s fifty-two week low stands at $30.73 while their fifty-two week high soars to $61.85.
In conclusion, as multiple institutional investors and hedge funds continue to diversify their stakes in Match Group, the technology company showcases a robust and perplexing market presence. This influential development prompts investors to closely analyze the potential growth and value opportunities that lie within the MTCH stock, marked by positive assessments from research analysts and recent insider activity contributing further intrigue for observers of this sector.
Note: The referenced date for this article is September 14, 2023.