tiprankstipranks
Match Group Sinks 6% Pre-Market On 4Q Profit Miss
Market News

Match Group Sinks 6% Pre-Market On 4Q Profit Miss

Shares of Match Group dropped 5.7% in Wednesday’s pre-market trading after the online dating company’s 4Q earnings fell short of Street estimates. Meanwhile, quarterly revenues and its 2021 sales outlook beat analysts’ expectations.

Match Group’s (MTCH) 4Q adjusted earnings of $0.48 per share remained flat year-over-year but lagged Street estimates by a penny. The company’s 4Q revenues of $651.4 million jumped about 19% year-over-year and exceeded consensus estimates of $648.8 million.

Average subscriber numbers increased 12% year-over-year to 10.9 million, driven by higher demand for dating apps like Tinder, Hinge, Meetic, Pairs, BLK, and Chispa. Average revenue per user (ARPU) rose 5% year-over-year to $0.62.

As for 2021, the company foresees sales in the range of $2.75 to $2.85 billion. Analysts were looking for $2.39 billion in revenues. (See Match Group stock analysis on TipRanks)

On Jan. 28, Wells Fargo analyst Brian Fitzgerald raised the stock’s price target to $160 (6.6% upside potential) from $140 and maintained a Hold rating.

In a note to investors, Fitzgerald said that he continues to expect strong performance from the company in 2021 amid improving economic fundamentals supported by vaccine distribution news, ease of quarantine restrictions, and a likely third stimulus package in the U.S.

Overall, the consensus among analysts is a Moderate Buy based on 6 Buys and 4 Holds. The average analyst price target of $152 implies upside potential of about 1.3% to current levels. Shares have gained 46.1% in over the past six months.

The TipRanks’ stock investors tool shows that investors currently have a Very Negative stance on MTCH.

Related News:
Uber Gains 7% On $1.1B Drizly Takeover Deal
UPS Beats 4Q Revenue Estimates; Shares Jump 4.2%
Pfizer Lifts 2021 Guidance On Expectations Of $15B In Covid-19 Vaccine Sales

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles