BTIG upped the Tinder parent's rating to "buy" from "neutral"
The shares of Tinder parent Match Group Inc (NASDAQ:MTCH) are near flat this morning, up 0.1% at $144 at last check, after BTIG lifted its rating to "buy" from "neutral." The analyst cited potential upside for the second half of 2021, with more people turning to dating apps as the economy continues to reopen. BTIG also noted Match's recent acquisition of the South Korean social media firm Hyperconnect, which will give the company the ability to pursue live streaming.
BTIG is joining an already bullish brokerage bunch. Of the 17 in coverage, just four said "hold," coming into today, while the remainder called MTCH a "buy" or better. Plus, the 12-month consensus price target of $164.44 is a 14.1% premium to current levels.
Match stock saw a notable dip at the end of March, fueled, in part, by rejection at the 30-day moving average. It looks like the equity is contending with this trendline once again today, though it's added over 48% in the last nine months alone, with solid support at the 180-day moving average still sitting just below.
Options players are also incredibly bullish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), MTCH sports a 50-day call/put volume ratio of 5.35, which stands higher than 97% of readings from the past 12 months. This means long calls have been picked up at a much quicker-than-usual clip of late.