Why Match Group Surged Over 20% in June
Shares of online dating giant Match Group (NASDAQ: MTCH) rose 21.3% in June, according to data from S&P Global Market Intelligence.
The online dating conglomerate, home of dating apps Match.com, Tinder, and rising star Hinge, got a boost on the back of a large insider purchase and positive analyst sentiment. As the stock had underperformed this year coming into the month, the increased confidence in management's turnaround efforts helped the stock soar in June.
June started off on an optimistic note, as CEO Bernard Kim purchased $1.08 million worth of Match stock on the open market on May 31. That nearly tripled Kim's shareholdings in the stock, signaling a large show of confidence in his turnaround plan.
Source Fool.com
