Match Group (NASDAQ:MTCH) Announces Quarterly Earnings Results, Meets Estimates

Match Group (NASDAQ:MTCH) issued its earnings results on Tuesday. The technology company reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48, Briefing.com reports. The business had revenue of $864.07 million for the quarter, compared to analyst estimates of $856.51 million. Match Group had a net margin of 18.72% and a negative return on equity of 457.93%. Match Group’s revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 earnings per share. Match Group updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Match Group Stock Down 4.8 %

NASDAQ MTCH traded down $1.83 during trading hours on Thursday, reaching $36.31. 3,013,356 shares of the company were exchanged, compared to its average volume of 5,735,511. Match Group has a 1 year low of $27.66 and a 1 year high of $49.24. The business’s 50 day simple moving average is $31.53 and its 200-day simple moving average is $33.42. The stock has a market capitalization of $9.65 billion, a P/E ratio of 15.89, a P/E/G ratio of 0.57 and a beta of 1.49.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Raymond James assumed coverage on shares of Match Group in a research note on Thursday, April 4th. They set a “market perform” rating on the stock. StockNews.com lowered shares of Match Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. TD Cowen dropped their price objective on shares of Match Group from $46.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Royal Bank of Canada dropped their price objective on shares of Match Group from $43.00 to $33.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Finally, Truist Financial raised their price objective on shares of Match Group from $33.00 to $37.00 and gave the company a “hold” rating in a research note on Thursday. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.64.

About Match Group

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.