Match (NASDAQ:MTCH) stock opened higher by about 11% but has since given up most of its gains. This morning, the Wall Street Journal reported that Paul Singer’s Elliott Management had invested approximately $1 billion into the dating services company. Elliott will take an activist stance with Match, who is the parent company behind Tinder and Hinge. The investor’s plans for Match have not yet been publicized.
“Our team regularly engages with investors, and will continue to work to create great experiences for our users and value for our shareholders,” said a Match spokesperson in response to the news.
Shares of MTCH stock have fallen by about 60% since its public debut in mid-2020. On top of that, the company has cycled through seven CEOs since 2012, compared to the average CEO tenure of seven years.
Meanwhile, Match’s annual revenue growth has witnessed a slowdown following the events of the coronavirus pandemic. Sales grew by 24.76% on a year-over-year basis in 2021. That rate fell to 6.89% during 2022 and is projected to fall to 5.37% once Match reports its 2023 fourth-quarter earnings. Sales in 2024 are expected to grow by 7.94% in 2024 and 8.58% in 2025, led by growth from Hinge.
5 Investors Betting Big on MTCH Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q3, 598 13F filers disclosed a stake in MTCH, an increase of eight filers from the prior quarter. At the same time, the total shares owned by these filers fell slightly to 258.06 million shares from 259.76 million shares, marking a 0.66% decline.
Hedge funds, whose data is included in 13F data, were more bullish. Total hedge fund ownership of MTCH increased by a solid 7.56% to 67.06 million shares from 62.34 million shares.
With that in mind, let’s take a look at Match’s top five shareholders:
- Vanguard: 32.14 million shares. Vanguard sold 206,283 shares during Q3.
- BlackRock (NYSE:BLK): 25.66 million shares. BlackRock sold 3.04 million shares during Q3.
- Elliott Management: While not yet disclosed via SEC filings, Elliott’s $1 billion stake would make it the third largest shareholder of Match.
- State Street (NYSE:STT): 13.22 million shares. State Street acquired 9,314 shares during Q3.
- Nuveen Asset Management: 10.54 million shares. Nuveen acquired 1.85 million shares during Q3.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
