Pale Fire Capital Takes 9.2% Stake in Phreesia and Increases Position in Angi

Czech investment group Pale Fire Capital (PFC) has taken a 9.2% ownership stake in Phreesia, Inc. (NYSE: PHR), a provider of software solutions for healthcare facilities, according to a recent SEC filing. The firm has also increased its holdings in technology company Angi, Inc.

Phreesia Investment

Pale Fire Capital, through PFC SICAV, beneficially owns 5,572,824 shares of Phreesia, representing approximately 9.2% of the company’s outstanding common stock as of December 2, 2025. The investment was made at a cost of roughly $68,832,672, or $12.50 per share [StockTitan]. PFC stated the shares were purchased based on a belief that Phreesia was undervalued.

The group, controlled by Dusan Senkypl and Jan Barta [StockTitan], may pursue various strategies including increasing or decreasing its holdings, engaging with Phreesia’s management and board, and proposing changes to the company’s capitalization or operations.

Phreesia’s shares have underperformed in recent years, with a decline of over 50% in the last twelve months, trading at $12.27 as of February 19, 2026 [StockTitan]. Despite recent losses, the company is reportedly reducing its rate of loss.

Angi Investment

In addition to Phreesia, Pale Fire Capital has also increased its stake in Angi, a platform connecting homeowners with service professionals. PFC purchased 1.4 million shares of Angi, bringing its total holdings to almost 3.6 million shares, representing an 8.3% stake [StockTitan]. The firm paid approximately $10.70 per share, totaling around $15 million.

Angi’s shares have also experienced a significant decline, losing over 50% of their value in the last twelve months and currently trading at $7.78. PFC’s additional purchase is seen as a strategy to lower the average purchase price and capitalize on the company’s potential for growth, as it is currently profitable.

Pale Fire Capital Overview

Pale Fire Capital invests across a diverse range of industries, including technology, software, gold mining, and food. Its largest holdings include discount portal Groupon and B2Gold, a Canadian gold mining company [StockTitan]. The firm’s team includes Dušan Šenkypl, Jan Barta, and David Holý [Pale Fire Capital], who have extensive experience in building and investing in businesses.