By Dhirendra Tripathi
Investing.com – Match Group stock (NASDAQ:MTCH) was up 13% in Tuesday’s premarket trading after its inclusion in the S&P 500 Index S&P 500.
The company, which owns Tinder, Hinge, OkCupid, and most other dating apps in the U.S., had a market cap of $41.02B as of closing on September 3.
Match Group will replace Perrigo Company (NYSE:PRGO) in the S&P 500. Perrigo will now be part of S&P MidCap 400, replacing WW International (NASDAQ:WW).
The changes will be effective September 20, S&P Dow Jones said.
Being part of the S&P 500 means passive investors who manage trillions of dollars will have to include it in their portfolios, as it will now be part of more funds and derivatives benchmarked against the index.
The company closed its second quarter with total revenue of $708 million, up 27% on-year. Payers were 15 million at the end of June, up from 13 million in the prior-year quarter. The company expects revenue around $797.5 million at midpoint in the current quarter.