Match Group, Inc. stock (NASDAQ:MTCH) has reached a 52-week high and has a new $44.05 target, 6.00 % above yesterday’s $41.56 share price.
If the price target is reached, the dating firm will be worth an additional $680 million.
The 52-week high is often a time when new buyers come in looking to acquire stock, and is seen as a very positive sign.
Of 17 analysts covering MTCH, 11 have Buy rating, 0 have Sell rating and 6 have Hold rating.
The spike comes shortly after Match Group released their Q4 and full year earnings, which showed revenue to be up 28% year-on-year to $379 million.
Much of the 2017 success was attributed to Tinder adding record numbers of subscribers following the introduction of Tinder Gold.
One additional factor which may be contributing to the February peak is Tinder’s recent move to outflank Bumble by introducing an optional ‘women speak first’ mode.
The change, currently being publicised by group CEO Mary Ginsberg, will give women the choice of whether or not they want to be in control.
This, Ginsberg suggests, will ultimately be successful because “giving people the choice versus telling people how to engage is the big difference”.
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