Elliott Investment Management has taken a significant stake in online dating company Match Group Inc., and plans to push for changes to boost its stock, the Wall Street Journal reported Monday night.
According to the report, which cited sources familiar with the matter, the activist investor has built a roughly $ 1 billion stake in Match. The Journal said Elliott wants Match to take steps to improve performance, though no specific details were reported.
According to FactSet data, Elliott had no significant stake in Match as of Sept. 30, and a billion-dollar stake would likely make it one of Match’s top two shareholders.
“Our team regularly engages with investors, and will continue to work to create great experiences for our users and value for our shareholders,” a Match Group spokesperson said Monday night. Elliott did not immediately respond for comment.
After booming during the height of the pandemic, Match Group has seen its growth slow sharply, and its paying customers have declined. Match stock MTCH, +3.30% is down about 13% over the past 12 months, compared to the S&P 500’s SPX 22% gain.
Match Group owns online dating sites such as Match.com, Tinder, Hinge and OKCupid.
In October, Match Group reported flat quarterly revenue and issued a disappointing revenue forecast.