Shares of Nordstrom (NYSE: JWN), the department store chain, were rocketing higher on reports that activist investor Ryan Cohen had taken a stake in the company. Cohen is the co-founder of Chewy and may be best known for helping to send GameStop stock skyrocketing in 2021 as he took a stake in the company and pushed for a board shake-up and other changes.

Nordstrom's stock was up 21.5% as of 1:51 p.m. ET on the news.

According to The Wall Street Journal, which first reported the news, Cohen has amassed a stake in the company that makes him one of the five biggest shareholders outside the Nordstrom family. Much like he did at GameStop, Cohen plans to urge the struggling department store chain to make changes to its board.

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Source Fool.com