Shares of Deckers Outdoor fell $7.22, or 7.4 percent, to $90.28 on Monday after CNBC reported that Marcato Capital Management, the activist investment firm, had sold its stake in the company.

Marcato held an 8.5 percent stake in Deckers Outdoor as of January 19, according to a 13D filing. The sale comes after Marcato’s board nominees were not elected at Deckers’ 2017 shareholder meeting in December. Deckers had faced a 10-month fight against the activist shareholder and Deckers’ stock has risen 80 percent over the last twelve months.

Pivotal Research analyst Mitch Kummetz also lowered his rating on Deckers to “hold,” and his price target. Kummetz said in a note, “The company will be lapping some tough numbers in FY19, and history tells us that this stock is not best owned following a good winter season.”