Match Group CEO Buys Stock Again, Says He’s Confident About the Turnaround

Match Group CEO Spencer Rascoff bought 13,250 shares of common stock on Aug. 26. (Gabby Jones/Bloomberg)

The chief executive of Tinder parent Match Group made his first insider purchase in months. He says the transaction shows his confidence in the company’s ongoing turnaround efforts.

On Aug. 26, Match CEO Spencer Rascoff purchased 13,250 shares of common stock on the open market for prices in the range of $37.02 to $37.73 a share, or around $497,860 in total, according to a Form 4 filed with the U.S. Securities and Exchange Commission. Following the transaction, Rascoff owned 150,728 shares currently valued at $5.6 million.

Rascoff told Barron’s that Match had made “bold moves to reset and revitalize the business” in the months since he was appointed CEO in February.

“I’m proud of the energy and focus I see every day, and my additional investment underscores my confidence in the work we’re doing to deliver great products, stronger outcomes for users, and a brighter future for the category,” Rascoff said.

The stock rose nearly 11% on Aug. 6 when an earnings beat and upbeat guidance pushed shares to their largest same-day percent increase in more than a year, according to Dow Jones Market Data. While paying users fell 5% in the quarter, partially driven by a 7% decline at Tinder, the metric increased 18% at Tinder’s sister app, Hinge.

Match has been undergoing corporate restructuring. In May, the company said it planned to slash 13% of its workforce with the goal of “becoming a flatter, more nimble organization.”

That month, Rascoff pledged to buy $1 million of Match stock. He purchased nearly $2 million of stock instead, snapping up 70,885 shares on May 9.

Match landed in hot water in 2019 when it was accused of deceptive practices by the Federal Trade Commission. The agency alleged that Match ran misleading advertisements and made it difficult for users to cancel subscriptions. Last month, the company agreed to pay $14 million and take other actions to resolve the complaint.

Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com