Rocket, Tripadvisor, and More Stocks See Action From Activist Investors

13Ds are filed with the Securities and Exchange Commission within 10 days of an entity’s attaining a 5% or greater position in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported on an amended filing. This material has been extracted from filings released by the SEC from July 3, 2025, to July 9, 2025. Source: VerityData

Activist Filings

Tripadvisor (TRIP)
Starboard Value filed an initial Schedule 13D on July 3, 2025, disclosing active ownership of 10,635,484 shares, or 9% of the outstanding shares of the online travel outfit. The firm paid $148,061,235, or $13.92 per share, to acquire the stake from May 7, 2025 to July 2, 2025.

Starboard said it bought the shares because they were “undervalued and represent an attractive investment opportunity.” The firm intends to “engage with [Tripadvisor’s] management and Board of Directors regarding opportunities for value creation.”

Starboard’s stake-building in Tripadvisor began the day the company reported first-quarter 2025 results that came in ahead of analysts’ estimates. In late April, Tripadvisor completed a $430 million merger with former parent Liberty Tripadvisor Holdings. Documentation related to the deal revealed that an unnamed party made a nonbinding acquisition offer of $18 to $19 per share for Tripadvisor in January.

Cimpress (CMPR)
Spruce House Investment Management flipped from a passive investor to an active investor with a July 2 filing. The investment firm owns 2,075,709 shares, or an 8.34% stake.

Spruce House said in its filing that it is “evaluating various strategic options” with respect to the investment and may engage with the company’s management and board. Zachary Sternberg, co-founder and managing member of the general partner of Spruce House, was a member of Cimpress’s board of directors from October 2017 until the company’s annual meeting in November 2024, at which time he did not seek re-election.

Increases in Holdings

Rocket Companies (RKT)
ValueAct Capital increased its holding in the mortgage lender and financial services firm to 19,727,127 shares, or 7.7% of shares outstanding. The value-oriented hedge fund acquired 4,601,581 shares on July 2, 2025, when Rocket Cos. completed a stock-for-stock acquisition of Redfin. ValueAct disclosed in a May filing that is has spoken with Rocket about a wide-range of issues, including possible board representation.

Decreases in Holdings

Credit Acceptance Corporation (CACC)
Prescott General Partners reduced its stake in the automotive loan specialist to 1,436,951 shares, or 12.4% of shares outstanding, by distributing 42,329 shares to a limit partner on July 2, 2025, and selling 76,770 shares at $496.11 per share from May 7, 2025, to May 12, 2025.

GoodRx Holdings (GDRX)
Spectrum Equity decreased its stake in the prescription drug information specialist to 14,865,346 shares, or 12.9% of outstanding shares, by distributing 3,989,323 shares to its general partner and limited partners on July 2, 2025, and selling 10,677 shares at $4.80 per share on July 3, 2025.

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