BI Screenshot
Match Group, the company that owns popular dating service Tinder, is down nearly 16% in midday trading on Thursday, adding to the stock's 13% slide the day before.
Match's stock is now trading at $9, well below its $12 IPO price from November.
Investors have punished the stock after a disappointing fourth-quarter earnings report in which Match missed analysts' revenue target and reported declining average paid revenue per paid user.
Barclay's cut its rating on Match Group from "Overweight" to "Equal Weight" on Thursday and reduced its price target by $3, to $14, according to Barrons.
It's been a rough two days for Match Group, which is owned by IAC/InterActiveCorp, the internet conglomerate led by media mogul Barry Diller. Match's crown jewel is Tinder, one of the most popular dating apps among the 20-something "millennial" audience, allowing users to make rapid-fire judgments about whether someone is date-worthy by swiping on a person's picture on their mobile phone.
NOW WATCH: Why your iPhone 6s battery might die before it reaches 0%
See Also:
- One simple chart that shows Amazon's relentless focus on long-term growth
- Amazon misses, stock tanks
- Microsoft beats on revenue and profit, stock pops
SEE ALSO: Tinder owner Match Group prices IPO at $12 a share, at low end of range
