Why Freshpet Stock Suddenly Skyrocketed Today
Shares of pet food company Freshpet (NASDAQ: FRPT) suddenly skyrocketed around 3:30 p.m. ET on Thursday, following a surprising report from The Wall Street Journal. Freshpet stock jumped as much as 24% higher today before closing the session up 16%.
According to The Wall Street Journal, investment management firm Jana Partners has acquired almost a 10% stake in Freshpet. The firm reportedly believes Freshpet can make operational improvements and ultimately sell itself to a larger company.
Jana Partners frequently takes active stakes in companies to push change. For instance, the firm recently succeeded in adding two people to the board of directors at technology company New Relic. And it's trying to get Encompass Health to merge with a peer, according to Reuters.
Source Fool.com
