Target (NYSE: TGT) stock jumped during Friday's U.S. session after reports that an activist hedge fund has made a “significant” investment in the retail giant.
The fund, Toms Capital Investment Management, was founded in 2017 and has made strategic investments that allow it to advocate for change within major companies, such as Kellanova and U.S. Steel.
Now, as the market reaches the final trading days of the year, it has seemingly made a new move with an undetermined investment in Target.
The report came from the Financial Times, but the specifics are still undisclosed.
It saw shares in Target rise by 3.1% during trading on Friday, a refreshing move after a difficult holiday season for the retailer, with lingering sales difficulties that have seen almost a third of its share value take a hit this year.
Target closed at US$99.55, up 3.1% and capitalising the company at $45.08 billion.
