Tinder owner Match Group jumps 10% after being selected to join S&P 500
- Match Group jumped 10% on Tuesday after it was selected to be added to the S&P 500.
- Match Group, which owns Tinder and other online dating brands, is replacing Perrigo Company.
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Shares of Match Group soared as much as 10% on Tuesday after it was selected by the S&P Dow Jones Indices to be added to the S&P 500.
Match Group, which spun off from IAC in July of 2020, operates a number of online dating app brands including Tinder, Hinge, and OkCupid. The company will replace Perrigo Company in the S&P 500. The changes are set to be effective prior to the open of trades on September 20.
Shares of Match Group are down about 2% year-to-date, but are up more than 34% over the past year. Match Group hit a high of $170 in early morning trades on Tuesday.
The company saw a surge in new users amid the pandemic as many consumers shifted to online apps for dating during COVID-19 lockdowns. Match Group said in its recent earnings release that it expects strength in its business to continue as the economy reopens and people go out to bars and restaurants to meet their Tinder match.
Match Group saw second-quarter revenue surge 27% year-over-year to $708 million, beating analyst estimates.