Home / Business and Economy / Portolan Slashes Shift4 Stake by 246,414 Shares
Portolan Slashes Shift4 Stake by 246,414 Shares
21 Dec
Summary
- Portolan Capital sold 246,414 Shift4 Payments shares in Q3.
- The stake reduction amounted to $28.52 million in value.
- Shift4 Payments stock is down 37% over the past year.
Portolan Capital Management has divested a substantial portion of its investment in Shift4 Payments, selling 246,414 shares in the third quarter. This strategic reduction lowered the fund's exposure to the payment processing company by $28.52 million. Following this transaction, Portolan Capital now holds 188,761 shares, valued at $14.61 million, which constitutes a mere 0.79% of its total reportable U.S. equity assets under management.
These sales occurred as Shift4 Payments' stock experienced a notable decline, trading down 37% over the past year and underperforming the broader S&P 500 index. The company, which provides integrated payment processing and commerce solutions across various sectors in the United States, has been working to differentiate itself through proprietary cloud-based platforms.
Despite the stock's underperformance, Shift4 Payments reported robust operational results for the third quarter. Gross revenue saw a 29% year-over-year increase, with gross revenue less network fees rising by 61%. Furthermore, the company's management demonstrated confidence by authorizing a significant $1 billion share repurchase program, the largest in its history.
