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Stock Markets March 13, 2026

Wolfe Research Flags a Dozen Firms at Highest Risk of Activist Campaigns

Research house's Activist Attractiveness Score places 12 companies in the 99th percentile and tracks recent score jumps across additional names

By Derek Hwang MOH HUM BFAM OLED QCOM
Wolfe Research Flags a Dozen Firms at Highest Risk of Activist Campaigns
MOH HUM BFAM OLED QCOM

Wolfe Research has identified 12 companies within its coverage that sit in the 99th percentile or higher on its Activist Attractiveness Score, marking them as the most susceptible to shareholder engagement. The firm also notes names that have recorded the largest recent increases in that score, which it monitors to spot potential inflection points.

Key Points

  • Wolfe Research identifies 12 companies in the 99th percentile or higher on its Activist Attractiveness Score, marking them as the most susceptible to shareholder engagement within its coverage universe.
  • Firms at or above the 75th percentile are considered more vulnerable to activist approaches, with scores at the extreme end seen as especially noteworthy.
  • Wolfe also tracks recent increases in the score to flag potential inflection points; several companies have recorded the greatest recent jumps according to the firm.

Wolfe Research has released updated readings from its Activist Attractiveness Score and identified a set of companies that rank in the 99th percentile or above within its coverage universe - the level it considers the most exposed to potential shareholder activism.

Top names at extreme vulnerability

The firms Wolfe lists at the very top of its rankings are Globant; Molina Healthcare (NYSE:MOH); Humana (NYSE:HUM); Innospec; Bright Horizons (NYSE:BFAM); Universal Display (NASDAQ:OLED); QUALCOMM (NASDAQ:QCOM); Concentrix; Extreme Networks (NASDAQ:EXTR); Enphase Energy (NASDAQ:ENPH); Landstar System (NASDAQ:LSTR); and Genius Sports.

Where Wolfe draws the line

According to Wolfe Research, companies that place in the 75th percentile or higher on the Activist Attractiveness Score are generally considered more vulnerable to engagement from activist shareholders. Scores that reach the extreme end of the distribution - such as the 99th percentile group cited - are particularly notable within the firm’s framework.

Monitoring changes for inflection points

Beyond static rankings, Wolfe tracks movements in the Activist Attractiveness Score over time to detect potential inflection points. Firms registering the largest recent increases in their scores include HNI Corp; ServiceNow (NYSE:NOW); Armstrong World Industries (NYSE:AWI); Avista Corp (NYSE:AVA); BJ’s Wholesale Club (NYSE:BJ); Public Service Enterprise Group (NYSE:PEG); Ionis Pharmaceuticals (NASDAQ:IONS); and SkyWest Inc (NASDAQ:SKYW).

The firm’s dual approach - highlighting both the highest-scoring companies and those with the steepest recent score increases - is intended to surface where shareholder activism may be most likely or where risk is rising. Wolfe’s published guidance clarifies that percentile thresholds serve as signals of relative vulnerability within its coverage universe.

Note: The information above reflects Wolfe Research’s stated scores and the companies the firm cited; it is limited to the data and conclusions Wolfe reported and does not add additional analysis beyond those disclosures.

Risks

  • Companies listed in the 99th percentile face elevated likelihood of activist shareholder engagement, which could affect corporate strategy and governance - impacting sectors such as healthcare, technology, energy, and industrials.
  • Rising Activist Attractiveness Scores for certain firms may signal growing vulnerability; those tracking increases could experience heightened investor scrutiny or pressure - relevant to the affected sectors noted by Wolfe Research.
  • Reliance on percentile thresholds means firms near the cutoff may see rapid changes in perceived vulnerability if their score moves, introducing uncertainty for investors focused on potential activism-related outcomes.

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