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Engaged Capital Pushes Cognex to Cut Costs, Says AI Firm’s Stock Could Double

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Activist investor Engaged Capital has taken a major stake in Cognex (CGNX.O) and is pressing the machine-vision systems maker to slash costs and hire cost consultants — a move it says could help the company’s share price nearly double within two years. Speaking at the 13D Monitor Active-Passive Investment Summit in New York, Engaged’s founder and chief investment officer Glenn Welling described Cognex as “an AI company without the AI valuation.”

Welling did not reveal the size of the stake but called it one of Engaged’s largest holdings. Regulatory filings show the hedge fund manages roughly $700 million in assets. Cognex, which develops smart cameras and barcode readers used by clients such as Amazon and BMW, has a market capitalization of $7.7 billion, though its stock has dropped 50% from its all-time high four years ago.

Now under new leadership — with CEO Matt Moschner and CFO Dennis Fehr — Engaged sees an opportunity for a turnaround. Welling argued that Cognex’s profit margins could rise from 17% to around 40% through tighter spending and sharper focus on high-return R&D projects. By comparison, competitor Keyence maintains margins above 50%.

Cognex has recently revamped some of its products, using artificial intelligence to make them easier to install and operate, opening access to a broader customer base. Welling said Engaged has already held constructive talks with Cognex management and connected them with cost optimization consultants who have worked successfully with other Engaged-backed companies.

Altai Capital Prepares Board Challenge at OraSure After Raising Stake

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Altai Capital Management is preparing to push for board representation at OraSure Technologies (OSUR.O) after raising its stake in the medical device maker from 3% to 5%, according to sources familiar with the matter.

The hedge fund, founded by Rishi Bajaj, plans to nominate two candidates, potentially including Bajaj himself, when two OraSure directors stand for reelection at the company’s 2025 annual meeting. The move follows growing investor frustration over OraSure’s performance and management decisions.

OraSure, best known for its COVID-19 rapid antigen tests, has seen its stock price fall 23% over the past year, though shares have recently recovered slightly to $3.25, valuing the firm at about $237 million.

Altai’s campaign comes after OraSure rejected a buyout bid from healthcare entrepreneur Ron Zwanziger, who had offered $3.50–$4 per share. While Altai and Zwanziger are not working together, both moves reflect mounting pressure on OraSure’s leadership.

Other investors, including Cannell Capital, have also called for a board refresh. “They have not executed,” Cannell said, adding that OraSure would benefit from “at least two new directors.”

Bajaj has experience with such campaigns. After joining the board of ContextLogic (Wish.com’s former parent) in 2023, he later became CEO, restructuring the company into a holding entity and helping its share price double. Investors see potential for a similar turnaround playbook at OraSure.

The company has attempted to diversify, acquiring Sherlock Biosciences for its molecular diagnostics platform, but remains a small player in a fragmented diagnostics market dominated by Danaher, Siemens, Roche, and Thermo Fisher Scientific.

Computershare Launches Investor Engagement Arm, Hires JPMorgan Veteran for North America

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Computershare announced Friday the launch of a new investor engagement business aimed at helping companies navigate increasingly complex shareholder relations and rising activist pressures.

The new unit will provide insights into who is buying or selling a company’s equity and debt, investor relations support, and strategic governance advice via its Georgeson Advisory arm. It will also integrate services from recent acquisitions CMi2i and ingage.

Key offerings include:

  • Detecting early signs of activist investors building stakes.

  • Aligning corporate strategy with shareholder expectations.

  • Advising management teams during crisis events such as proxy fights or takeover bids.

The global division will be led by Kirsten van Rooijen, while Aaron Bertinetti, a former JPMorgan Chase executive, has been appointed to head operations in North America. Bertinetti previously served as Managing Director of Investor Relations and Head of ESG at JPMorgan, and earlier led global research and corporate advisory at Glass Lewis, specializing in M&A and shareholder activism.

Analysts say demand for such services is surging as investors push boards for stronger performance, governance reforms, and even leadership changes. With its expanded capabilities, Computershare aims to position itself as a critical adviser for companies navigating the high-stakes world of shareholder engagement.