Match Group stock is ripe for bear notes
Match Group Inc (NASDAQ:MTCH) stock is down 16.2% at $29.01 at last check, brushing off better-than-expected third-quarter results after the online dating concern also shared a dismal revenue outlook for the current quarter. The company noted inflation is squeezing app subscriptions, and cited a strong dollar and geopolitical tensions.
Shares earlier slipped to a six-year low $28.62, breaching a familiar floor at the $34 level. Should today's losses hold, the security could mark its worst day since August. MTCH is down 27.9% this year.
The equity looks ripe for a round of downgrades and/or price-target cuts. In fact, 17 of 23 analysts in coverage sport a "buy" or better rating, while the 12-month consensus target price of $54.10 is a massive 81.5% premium to the Match Group stock's current levels.
In the options pits, 5,215 calls and 14,000 puts have already exchanged hands today. The most active contract by a long shot is the December 25 put, with positions opening there. The equity's Schaeffer's put/call open interest ratio (SOIR) of 1.37 ranks in the high 91st percentile of annual readings, indicating short-term options traders lean firmly bearish.