- Vertiv Holdings Co (NYSE:VRT) shareholder and activist investor Starboard disclosed a 7.4% active stake in the company.
- Vertiv is a supplier of equipment and services for data centers.
- Starboard is likely seeking operational improvements at Vertiv, Bloomberg reports.
- Also Read: Activist Investor Starboard Discloses Stake In Salesforce, Shares Soar
- Starboard had discussions with Vertiv’s leadership and appears to support its focus on improving profitability under Chair David Cote and Giordano Albertazzi, who will take over as CEO in 2023.
- Vertiv, previously a division of Emerson Electric Company (NYSE:EMR), went public in 2020 via a merger with a SPAC backed by Goldman Sachs Group Inc. and led by Cote.
- Vertiv’s shares had fallen 54% this year through October 19 amid a pullback in spending for data centers, higher costs, and lingering supply chain issues.
- In October, Vertiv cut its profit forecast for the fourth quarter, primarily due to foreign exchange headwinds.
- The company revised its Q4 adjusted operating profit guidance to $220 million – $240 million, down $22.5 million at the mid-point of the prior range.
- Price Action: VRT shares traded higher by 15.50% at $13.17 on the last check Thursday.
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