Texas-based online dating service provider Match Group (MTCH) has appointed Renate Nyborg as the CEO of its brand and dating application Tinder, effective September 27. Shares of the company closed 4.2% higher at $164.38 on Friday.
Apart from Tinder, the other online dating services that Match offers include Meetic, PlentyOfFish, OkCupid and Match.com. (See Match stock chart on TipRanks)
Based in New York, Nyborg will be the first female CEO of Tinder since its launch in 2012. She joined the brand as the General Manager of Europe, Middle East and Africa in 2020. Nyborg will succeed Jim Lanzone, who has resigned, and report to the CEO of Match Group, Shar Dubey.
Dubey said, “Throughout her career, Renate has demonstrated a keen instinct for how to develop and market mobile products, grow subscription businesses, expand in new markets, and appeal to younger users. Running Tinder’s European business, she’s demonstrated true leadership, and is relentlessly focused on accelerating growth and developing experiences based on what our members – particularly women – are looking for.”
Last month, Morgan Stanley analyst Lauren Cassel reiterated a Buy rating on the stock with a price target of $180 (9.5% upside potential). The analyst said, “Q3 core Match guidance that was slightly softer than expected and Hyperconnect being softer than expected are temporarily weighing on the stock.”
Overall, the stock has a Moderate Buy consensus rating based on 5 Buys and 2 Holds. The average Match Group price target of $174.86 implies 6.4% upside potential. The company’s shares have gained 51.8% over the past year.
According to TipRanks’ Smart Score rating system, Match scores a 9 out of 10, suggesting that the stock is likely to outperform market averages.
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