Stock Traders Buy High Volume of Put Options on Match Group (NASDAQ:MTCH)

Match Group, Inc. (NASDAQ:MTCH) was the recipient of some unusual options trading on Wednesday. Traders bought 13,125 put options on the stock. This is an increase of 23% compared to the typical volume of 10,695 put options.

Match Group Price Performance

Shares of NASDAQ MTCH opened at $30.58 on Friday. The business has a 50-day moving average of $34.60 and a two-hundred day moving average of $34.13. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.18 and a beta of 1.47. Match Group has a 1 year low of $27.66 and a 1 year high of $42.42.

Match Group announced that its Board of Directors has authorized a stock 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 buy up to 19% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Match Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Monday, January 6th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Monday, January 6th.

Analyst Ratings Changes

Several analysts have issued reports on the company. Bank of America upped their target price on Match Group from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday. Truist Financial dropped their price objective on shares of Match Group from $35.00 to $34.00 and set a “hold” rating for the company in a report on Thursday. Barclays reduced their target price on shares of Match Group from $55.00 to $53.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. StockNews.com lowered shares of Match Group from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, KeyCorp lowered their price objective on Match Group from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Ten research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Match Group currently has an average rating of “Moderate Buy” and a consensus target price of $39.27.

Insider Activity at Match Group

In other news, Director Stephen Bailey sold 801 shares of the company’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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Sumitomo Life Insurance Co. increased its holdings in shares of Match Group by 2.9% in the 3rd 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. increased its stake in Match Group by 3.1% in the third quarter. Fulton Bank N.A. now owns 10,006 shares of the technology company’s stock valued at $379,000 after purchasing an additional 299 shares during the period. Prestige Wealth Management Group LLC raised its holdings in shares of Match Group by 8.9% in the second quarter. Prestige Wealth Management Group LLC now owns 4,375 shares of the technology company’s stock valued at $133,000 after buying an additional 357 shares during the last quarter. Empirical Finance LLC boosted its stake in shares of Match Group by 1.5% during the third quarter. Empirical Finance LLC now owns 25,952 shares of the technology company’s stock worth $982,000 after buying an additional 384 shares during the period. Finally, State of Alaska Department of Revenue grew its holdings in shares of Match Group by 1.5% during 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 buying an additional 455 shares during the last quarter. Institutional investors and hedge funds own 94.05% 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.