Elliott Investment Management, which holds over 10% economic interest in Norwegian Cruise Line Holdings, sent a letter and presentation to the company's Board of Directors on February 17, 2026. Elliott asserts that Norwegian Cruise Line Holdings is significantly undervalued due to strategic misjudgments and poor execution by its Board and leadership. The activist investor is pushing for comprehensive board changes, new independent directors, and a revised business plan. Elliott outlined a path for the shares to reach $56 and questioned recent board succession decisions and the appointment of a long-tenured board member without cruise-industry executive experience. The stock experienced its best day in over 10 months following Elliott's announcement of its stake and activist campaign. Norwegian Cruise Line said this was the first communication they received from Elliott Investment Management.
Read full analysisElliott Investment Management, which holds over 10% economic interest in Norwegian Cruise Line Holdings, sent a letter and presentation to the company's Board of Directors on February 17, 2026. Elliott asserts that Norwegian Cruise Line Holdings is significantly undervalued due to strategic misjudgments and poor execution by its Board and leadership. The activist investor is pushing for comprehensive board changes, new independent directors, and a revised business plan. Elliott outlined a path for the shares to reach $56 and questioned recent board succession decisions and the appointment of a long-tenured board member without cruise-industry executive experience. The stock experienced its best day in over 10 months following Elliott's announcement of its stake and activist campaign. Norwegian Cruise Line said this was the first communication they received from Elliott Investment Management.
Norwegian Cruise Line Holdings operates three cruise brands — Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises — spanning mass-market to ultra-luxury segments. The company has underperformed rivals Royal Caribbean and Carnival, drawing criticism over capital allocation, margins, and a recent CEO change that prompted multiple analyst downgrades. Elliott Investment Management's disclosure of a 10%-plus stake and activist campaign demanding board overhaul and a path to $56 per share is driving a two-day rally of roughly 24%.