Shares of retailer Nordstrom were surging early on Friday after a report that activist investor Ryan Cohen has taken a big stake in the company.

Nordstrom (ticker: JWN) was up about 30% in premarket trading. The Wall Street Journal reported that Cohen, known for sparking big jumps in meme stocks such as GameStop a few years ago, has become one of the top five nonfamily shareholders of the company.

"Nordstrom's performance over the last decade begs for an activist role," said analysts at William Blair, led by Dylan Carden, in a note. It has "more recently underperformed department store peers despite an arguably better brand and loyal customer base."

Cohen plans to recommend changes to the board to enact cost cutting that will reverse the stock's poor performance, the Journal said, citing people familiar with the matter. His aim is to replace at least one director. On the current board, he may target former Bed Bath & Beyond (BBBY) chief executive Mark Tritton for removal, the people said.

The luxury department store was hit hard by the Covid-19 pandemic and has had a tough time recovering since. Last month it said holiday sales were softer than it had hoped.

Nordstrom didn't immediately respond to a request for comment from Barron's early on Friday. The Journal cited a spokeswoman as saying the company is open to hearing Cohen's views and that it will continue to take actions it believes are best for the firm.

Nordstrom is next scheduled to report results on March 2.