Shares of the internet radio company Pandora Media, Inc. P gained over 6.7% in morning trading Tuesday, following news that activist investment firm Corvex Management disclosed a large stake in the brand. Corvex, which claimed an 8.3% stake in Pandora, also called for the music streaming giant to consider a sale. In a new regulatory filing, Corvex said that Pandora has been unable to “translate its great product into a great business with an attractive public market valuation.” Back in February, Pandora gained momentum on the back of reports suggesting that the company was considering a sale. Those rumors were squashed when Pandora announced that founder Tim Westergren, a former musician who developed the site’s streaming algorithm, would be rejoining the company as chief executive. “If you want to sell a company, you don’t do that by spending half a billion in acquisitions and hiring a new CEO,” Westergren told Reuters in April. In response to Corvex’s new push for a sale, Pandora reiterated its confidence in its core business, but did say that the company is “in constant dialogue with shareholders” about business strategy and long-term value. Pandora has yet to turn an annual profit as a public company, and it faces fierce competition from other services like Spotify, Apple’s (AAPL) Apple Music and Beats One Radio, Alphabet Inc.’s (GOOGL) Google Play Music, and Amazon’s (AMZN) Prime Music. Even rapper and music mogul Jay-Z has entered the fray with his Tidal streaming service. Shares of Pandora are down nearly 25% on the year, and the stock currently has a Zacks Rank #3 (Hold). Nevertheless, the company recently posted a narrower-than-expected loss in the first quarter, highlighting the success of its new acquisitions and licensing deals. In short, Pandora does offer a great product, and the company has shown a unique ability to transform and progress its offerings. However, it will need to start turning a profit soon if it wants to provide long-term value for its shareholders and appease the likes of Corvex Management. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PANDORA MEDIA (P): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research