Match Group (NASDAQ:MTCH) announced that its Board of Directors has approved a share buyback plan, which permits the company to buyback 6,000,000 outstanding shares on Tuesday, May 2nd, EventVestor reports. This buyback authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Shares of Match Group (MTCH) traded up 0.10% during trading on Friday, hitting $19.40. The stock had a trading volume of 688,415 shares. Match Group has a 52 week low of $13.23 and a 52 week high of $20.75. The firm has a 50-day moving average price of $19.00 and a 200 day moving average price of $17.70. The company has a market capitalization of $5.01 billion, a PE ratio of 29.04 and a beta of 0.86.

Match Group (NASDAQ:MTCH) last issued its earnings results on Tuesday, May 2nd. The technology company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by $0.01. The company had revenue of $298.76 million for the quarter, compared to analysts’ expectations of $314.94 million. Match Group had a net margin of 14.02% and a return on equity of 47.04%. Equities analysts anticipate that Match Group will post $0.88 earnings per share for the current year.

A number of analysts have recently commented on MTCH shares. Zacks Investment Research raised Match Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 23rd. Citigroup Inc started coverage on Match Group in a research note on Monday, March 27th. They set a “buy” rating and a $22.00 price target on the stock. Cowen and Company reissued an “outperform” rating and set a $22.00 price target on shares of Match Group in a research note on Monday, April 24th. Piper Jaffray Companies started coverage on Match Group in a research note on Tuesday, April 4th. They set an “overweight” rating and a $21.00 price target on the stock. Finally, Aegis reissued a “buy” rating on shares of Match Group in a research note on Wednesday, March 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company’s stock. Match Group presently has an average rating of “Buy” and a consensus price target of $20.44.

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In related news, insider Amarnath Thombre sold 300,000 shares of the stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $19.26, for a total transaction of $5,778,000.00. Following the completion of the sale, the insider now directly owns 197,640 shares in the company, valued at approximately $3,806,546.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 19.90% of the company’s stock.

About Match Group

Match Group, Inc, incorporated on February 13, 2009, is a provider of dating products. The Company operates in the Dating segment. The Dating segment consists of all of its dating businesses across the globe. As of March 31, 2017, the Company operated a portfolio of over 45 brands, including Match, Tinder, PlentyOfFish, Meetic, OkCupid, Pairs, Twoo, OurTime, BlackPeopleMeet and LoveScout24, each designed to manage its users’ likelihood of finding a romantic connection.

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