
© Reuters Related Group (MTH) Potential for further losses through 2023 – Loop Capital
By Sam Bugedada
Macha Group (NASDAQ: ) shares were downgraded from $70 to $60 by analysts at Loop Capital on Wednesday.
In her note to clients, from a revenue and earnings perspective, they see further losses likely through 2023.
“Our 2022 EPS estimate of $1.58 compares to consensus of $1.70. Tinder continues to signal recent market share losses to Bumble and the company’s Hinge banner artificial intelligence,” the analyst wrote.
Six weeks ago, Match announced the departure of Tinder CEO Renate Nyborg after less than a year on the job, and began a search for her replacement.
Loop Capital analyst Bernard Kim, who has been in the Match Group CEO chair for three months now, believes he has his hands full. “MTCH CEO Bernard Kim is physically impressive, but this change in leadership creates an acceleration in growth,” the analyst added.
“We see BK attracting exciting talent to the company from outside the online dating industry, but it can take time for new hires to understand dating.”
Related Group shares are down more than 2% at the time of writing.