In 2011, now-beleaguered daily-deals company Groupon (GRPN) - Get Report  held the largest initial public offering since Alphabet (Google)  (GOOGL) - Get Report went public back in 2004.

But now with the stock trading at a fraction of its IPO price, activist investors are agitating for a new approach at the company, according to a report from The Wall Street Journal.

The move comes as the stock languishes. It was recently fetching $2.49, down from its IPO price of $20 in November 2011.

As a result, some investors have been increasing their holdings in Groupon in the hope they can get the management to buy back its stock, the Journal reported.

Another thought from frustrated stockholders is that the company should sell itself to another company which could better foster growth, according to the Journal.

The company said Groupon CEO Richard Williams is "actively engaged" with investors, the Journal reported.

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Constable owns none of the securities listed in this story.