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00:02Celsius Holdings' shares surged Friday after Rockstar Energy founder Russ Savage disclosed
00:07a 4.7% activist stake worth about $300 million, according to Benzinga.
00:13Savage, who founded Rockstar in 2001 and sold it to PepsiCo for more than $4 billion in 2020,
00:20controls over $12 million in company stock. He called for the firing of Celsius' CEO,
00:25COO, brand manager, and marketing manager following the company's second quarter results.
00:31Celsius said it welcomes potentially value-creating ideas from shareholders and remains focused on
00:37its energy portfolio strategy. Piper, Sandler, and Needham maintained positive ratings on Celsius
00:43while lowering their price targets to $36 and $35, respectively. The company reported adjusted
00:49earnings of $0.36 per share and revenue of $817.9 million, both below estimates.
00:56Shares fell 15.92% Thursday after the results before rising, 11.72% to $26.55 Friday.
01:04For all things money, visit Benzinga.com.
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