(Boursier.com) – GoDaddy soared 8.36% on Wall Street on Monday, ending at $ 82.35, as activist investor Starboard Value LP acquired a 6.5% stake in the Internet service provider’s capital for close to $ 800 million.
Starboard considers GoDaddy stock to be undervalued, and sees it as an attractive investment opportunity. According to the Wall Street Journal, Starboard plans to push the company to improve its performance. Arizona-based GoDaddy has seen a surge in online traffic as many businesses have turned to digital operations due to the pandemic.
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