Why Match Group Stock Is Trading Lower Wednesday
Portfolio Pulse from Erica Kollmann
Match Group, Inc. (NASDAQ:MTCH) shares are trading lower despite reporting better-than-expected Q2 results and above-consensus Q3 revenue guidance. The company announced a 4% YoY increase in total revenues and expects Q3 Tinder direct revenue growth of close to 10% YoY. BTIG analyst Jake Fuller upgraded Match Group from Neutral to Buy and announced a $60 price target for MTCH. However, the stock is under pressure amid overall market weakness after Fitch downgraded its rating for US Treasuries.
August 04, 2023 | 11:43 am
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Match Group's shares are trading lower despite strong Q2 results and positive Q3 guidance. The stock is under pressure due to overall market weakness.
Despite reporting better-than-expected Q2 results and above-consensus Q3 revenue guidance, Match Group's shares are trading lower. This is likely due to overall market weakness following Fitch's downgrade of its rating for US Treasuries, which has negatively impacted stocks across sectors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100