Here’s Why Shares of Skullcandy are Soaring by Lucinda Shen @FortuneMagazine June 8, 2016, 2:41 PM EDT E-mail Tweet Facebook Linkedin Share icons Shares of headphone maker Skullcandy skul jumped over 17% Wednesday after the company said it was considering going private. Skullcandy revealed that founder, Richard Alden, was possibly buying some or all of the company’s common stock, and potentially pursuing a “going private” transaction, in a filing Tuesday with the Securities and Exchange Commission. Alden intends to make a proposal to Skullcandy about a potential transaction, the filing reported. The founder and director owns about 2.7% of the company directly, and controls 12.7% of SkullCandy via holding company, Ptarmagin. Skullcandy, which markets largely to millennials, first went public mid-2011, with a closing price of $20 a share. The stock has fallen 77% since, as competition in the headphone space continued to heat up. A potential takeout range for the stock would be around $5.50 to $6.50—40% to 65% above shares’ Tuesday closing price of $3.93, MarketWatch reported, citing Wunderlich Securities. Skullcandy has previously partnered with artists including Rita Ora, Jay-Z, and Snopp Dogg to design, and endorse its products. More recently, NBA All-Star Kyrie Irving was given an equity stake in the headphone maker as part of his deal to endorse Skullcandy.