Why Box Stock Surged Today
Shares of Box (NYSE: BOX) have surged today, up by 12% as of 11:50 a.m. EDT, after activist investor Starboard Value disclosed a new stake in the cloud storage provider. In a regulatory filing, the hedge fund said it had acquired 11 million shares, good for a 7.5% stake.
In the filing, Starboard states that it purchased the shares believing that they were "undervalued and represented an attractive investment opportunity" at the time of the transaction. The fund "may endeavor to increase or decrease their position" in Box based on overall market conditions.
Image source: Box.
Source Fool.com
