Activist hedge fund Starboard Value has disclosed a 9% stake in online travel company Tripadvisor, asserting that the stock is significantly undervalued and represents a compelling investment opportunity, according to a report by Reuters.

Following the announcement, Tripadvisor shares surged 17% to close at $17.50.

In a regulatory filing, Starboard indicated plans to engage with Tripadvisor’s management to explore ways to enhance shareholder value. The company, now independent after its 2024 buyout of controlling shareholder Liberty Tripadvisor Holdings, said it welcomes constructive investor dialogue.

Tripadvisor has lagged its sector peers in 2025, gaining just 1.5% year-to-date compared to a 10.5% rise in the Dow Jones US Travel and Leisure Index. Starboard’s move marks its latest in a string of high-profile activist campaigns, following recent efforts at Kenvue, Pfizer, and Autodesk.