RTTNews | Dec 27, 2021 01:15PM EST

13:15 Monday, December 27, 2021 (RTTNews.com) - Shares of GoDaddy Inc. (GDDY) are gaining nearly 9% on Monday morning following the news that activist investor Starboard Value has acquired a stake in the internet domain registrar and web hosting company.

GDDY is currently trading at $82.77, up $6.77 or 8.91%, on the NYSE. This is the highest the stock has traded in nearly 5-month period.

New York-based Starboard Value, in a regulatory filing, disclosed a 6.5% stake in GoDaddy. The company also said it believes GoDaddy is undervalued and it may push for changes to improve the stock's performance.

Starboard said it may meet with management and the board as part of the investment to discuss ways to improve shareholder value, including potential board and operational changes, as well as business combinations.

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