Impax Asset Management Group plc, a renowned investment management firm, has recently disclosed a reduction in its stake in Match Group, Inc. (NASDAQ:MTCH) by 30.0% during the first quarter of this year. This information was revealed in the company’s most recent filing with the Securities and Exchange Commission.
Prior to this decrease in stake, Impax Asset Management Group plc owned 6,133 shares of Match Group, Inc.’s stock. After selling 2,632 shares during the specified period, the firm’s holdings equated to approximately $235,000 at the end of the first quarter.
Match Group (NASDAQ:MTCH), a leading technology company specializing in online dating services, recently announced its quarterly earnings data on August 1st. The company reported an impressive $0.48 earnings per share (EPS) for the quarter, surpassing analysts’ consensus estimates of $0.45 by $0.03.
Furthermore, Match Group generated revenue of $830.00 million during the same period, exceeding analyst estimates of $811.55 million. This marked a 4.5% increase in revenue compared to the corresponding quarter last year.
Despite these positive results, it is worth noting that Match Group experienced a negative return on equity of 121.94%. However, it maintains a healthy net margin of 14.68%.
Analysts predict that Match Group will post 1.98 EPS for the current fiscal year as a whole.
Investors and industry experts may find it beneficial to keep close track of impressive financial performances and significant changes in ownership within prominent companies like Match Group (NASDAQ:MTCH). Such information can provide valuable insights into market trends and investor sentiment in today’s dynamic business landscape.
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Institutional Investors and Hedge Funds Fuel Growth in Match Group as Stock Ownership Skyrockets
Match Group, Inc., the operator of popular dating apps such as Tinder and OkCupid, has recently seen an increase in buying and selling of its shares by institutional investors and hedge funds. One such investor, Glassman Wealth Services, has increased its stake in Match Group by an astonishing 89.1% during the fourth quarter. This move has propelled Glassman Wealth Services to now own 851 shares of Match Group’s stock worth $35,000.
EverSource Wealth Advisors LLC, another prominent investor, has also boosted its holdings in Match Group by a staggering 359.6% during the same period. As a result, EverSource now owns 1,057 shares of the technology company’s stock valued at $44,000.
CI Investments Inc., a well-known investment firm, has similarly increased its holdings in Match Group by 83.5% in the fourth quarter. CI Investments Inc. now owns 1,059 shares of the technology company’s stock valued at $44,000.
In addition to these institutional investors, Belpointe Asset Management LLC acquired a new stake in Match Group during the fourth quarter with a value of approximately $50,000.
Money Concepts Capital Corp also joined the bandwagon by increasing their holdings in shares of Match Group by 27.0%. They now own 1,209 shares of the technology company’s stock valued at $50,000.
What is particularly interesting is that approximately 95.14% of Match Group’s stock is currently owned by hedge funds and other institutional investors.
The stock for MTCH opened at $44.40 on Friday and has shown promising market performance overall with a market cap of $12.35 billion. It boasts a price-earnings ratio (P/E) of 27.07 and a price-to-earnings growth ratio (PEG) of 0.80. The beta for MTCH stands at an impressive 1.41.
Over the past year, Match Group has seen its stock trading at a low of $30.73 and a high of $64.49. The fifty-day simple moving average is $44.15, while the 200-day simple moving average is $40.21.
In recent news, Match Group’s CEO Bernard Jin Kim made headlines by acquiring 31,439 shares of the firm’s stock in a transaction that occurred on May 31st. This acquisition was valued at approximately $1,082,759.16, with an average share price of $34.44. Following this purchase, Kim now directly owns 48,500 shares in the company, worth about $1,670,340.
The chief executive officer’s acquisition was publicly disclosed in a document filed with the SEC (Securities and Exchange Commission), which can be accessed through their website.
Moreover, director Ann Mcdaniel recently sold 8,735 shares of Match Group stock on August 9th for an average price of $45.82 per share. The total value of this transaction amounted to $400,237.70.
It is worth noting that insiders have been active in trading the company’s stock as they have sold a total of 10,235 shares valued at $461,683 over the last quarter. Currently, insiders own 0.72% of Match Group’s outstanding stock.
Numerous analyst reports have covered Match Group as well. Loop Capital increased their price target on the company from $35 to $38 in June 2023. Similarly, BTIG Research upgraded Match Group from a “neutral” rating to a “buy” rating and set a price target of $60.
Truist Financial also upped their price target on Match Group from $42 to $50 while maintaining a “hold” rating for the stock.
However, UBS Group reduced their price target on Match Group from $42 to $40. Stifel Nicolaus, on the other hand, increased their price target from $37 to $44.
Overall, the stock has received positive ratings from analysts. Out of the 25 analysts covering Match Group, 8 have rated it as a hold and 17 have assigned it a buy rating. The average rating for the stock is currently “Moderate Buy” with a consensus target price of $58.77.
As investments continue to pour into Match Group and its overall market performance remains steady, investors will closely monitor any developments in the dating app industry and how they might impact the company’s future prospects.
