Last week, Spark Networks received a boost to its position in the stock market after Zacks Investment Research changed its rating of the company.
The global dating umbrella had previously been considered as a ‘Sell’, but in a note issued to subscribers last Thursday, the investment research firm gave it a ‘Hold’ grade.
This means the analysts have the opinion that it is worthwhile to hold onto Spark Networks stock, but don’t believe their position is currently strong enough to justify buying in bulk.
A spokesperson from Zacks said in a statement: “Spark Networks is a leading provider of online personals in the United States and internationally. [The] comprehensive, user-friendly websites offer convenient and safe places for likeminded singles to connect. Many of these connections lead to long term relationships and quite often marriage.”
Spark Networks’ share price started 2018 at $14, but has been falling gradually since May. It bottomed out in early November at $9.06.
Despite this slow decline, investors did see some positives in the company’s financial results from the first half of the year as some of them strengthened their holdings of the stock during Q3.
Most notably, First Manhattan Co. bought almost 200% more shares, taking the money it has in the company to just over $2.5 million.
The dating brand was well represented at the GDI London Conference 2018. COO Michael Schrezenmaier took part in a panel discussion about going public and David Yarus, a global ambassador for the Spark-owned Jdate, gave a talk about the state of modern dating.
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