The technological advance of the 21st century has been felt in every sphere of our lives. A 2017 survey by Stanford University illustrated how technology has impacted our dating lives. In 1995, 2% of heterosexual U.S. couples met online, while 33% met through friends and 15-19% met at a bar/restaurant, through work, school/college, or through family.
Fast forward to 2017, and 39% of couples have met online. The only other category to experience an increase was through a bar/restaurant from 19% to 27%. However, that has undoubtedly taken a huge hit due to the COVID-19 pandemic. Meanwhile, online dating has continued to draw in more consumers.
Earlier this year, Technavio projected that the online dating services market would post a CAGR of 9% from 2020 through 2024. Investors should be drawn to Match Group (NASDAQ:MTCH) stock in this environment.
Match owns brands that include Tinder, OkCupid, and Hinge. Shares of Match have plunged 11% month-over-month as of close on November 26. That has pushed the stock into the red for the full year. It released its fourth quarter and full-year results on November 2. Match will see its margins improve as Google prepares to lower fees on its app store. Unfortunately, the company posted an earning miss with earnings per share of $0.43 in Q4 2021.
Shares of Match last had an RSI of 32. That puts Match just outside of technically oversold territory. This growth stock is worth snatching up, especially as the market corrects in the face of the rising Omicron variant.
