Activist investor Elliott Investment Management has reportedly taken a sizable position in Align Technology Inc. (NASDAQ:ALGN), signaling potential pressure on the Invisalign maker to revive its lagging stock performance.

The fund is expected to push for strategic measures aimed at boosting shareholder value as the company navigates weaker demand following its pandemic-era peak.

Elliott Eyes Strategic Changes For Align Technology

Citing people familiar with the matter, Bloomberg on Thursday reported that Elliott has accumulated one of the largest stakes in Align, positioning itself to influence the company’s corporate direction.

The activist firm plans to engage with management to evaluate options that could help lift the company's valuation.

The move comes as Align continues to grapple with slowing growth after a surge in demand during the COVID-19 pandemic.

Increased screen time on platforms like Zoom drove consumer interest in cosmetic dental procedures, but that momentum has since faded.

Align Technology Stock Struggles Since Pandemic Highs

Align's shares have declined sharply from their 2021 peak of $729.92, reflecting a normalization in demand for teeth-straightening products. Usage of ...