Activist investor Starboard Value has built a 9% stake in TripAdvisor (TRIP) and plans to call for changes at the travel review company. The firm, led by Jeff Smith, is known for urging businesses to cut costs, improve margins, and sharpen focus. Starboard has been meeting with TripAdvisor leaders for several weeks, though details of those talks have not been shared.
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TripAdvisor runs a platform that helps travelers find and review hotels. It also owns Viator, which lets users book tours and activities, and TheFork, a restaurant booking service. In 2024, the company held a strategic review but made no major moves after that process. Since Starboard’s investment became public in July, TripAdvisor’s share price has climbed about 17%. However, over the past 12 months, the stock has gained only 0.33%.
What to Watch Next
Jeff Smith is set to speak this week at the 13D Monitor Active Passive Investment Summit in New York. He is expected to discuss TripAdvisor and possibly share more about Starboard’s plans. The event often sets the tone for the year’s activist campaigns, as investors like Smith outline their push for higher returns.
Starboard has a history of winning board seats and steering companies toward stronger performance. This year, it gained influence at BILL Holdings (BILL), Autodesk (ADSK), and Kenvue (KVUE). Given that record, some investors see its involvement with TripAdvisor as a possible spark for fresh momentum.
Even so, TripAdvisor faces clear challenges. Its main site depends heavily on ad revenue, while rivals such as Booking Holdings (BKNG) and Expedia Group (EXPE) remain stronger in travel search and hotel booking. Yet, Viator and TheFork have grown quickly and could offer paths to more value if managed more efficiently or even spun off.
For now, investors are watching for signals from Starboard’s next steps. Any public remarks from Smith may hint at whether the firm will push for board changes, a new strategy, or another review of TripAdvisor’s assets.
Is TRIP a Good Stock to Buy?
On the Street, TripAdvisor divides opinions with a Hold consensus. Out of 17 analysts’ ratings, only three rate it a Buy, while six rate it a Sell. The average TRIP stock price target stands at $17.71, suggesting a 15.68% upside from the current price.
