10% Owner Advent Partners sold 8,000,000 shares (29.4% of holdings) for $158.1M at $19.76 on 2024-11-13
Advent Partners GPE VIII Limited Partnership, a 10% owner, executed a substantial reduction of its FWRG stake, selling 8,000,000 shares for $158,080,000.00 and retaining 19,189,784 shares. The sale occurred at $19.76, a price 8.5% above the current market price of $18.22 and notably above the 52-week low of $13.30, though 28.6% below the 52-week high of $25.52. The company's fundamentals show annual revenue growth of 22.1% and a quarterly revenue of $251,609,000.00, but profitability remains thin with net income of $2,112,000.00 and a P/E ratio of 42.37. This large single transaction by a major institutional holder reduces their exposure by 29.4% and warrants attention to the underlying reasons for such a meaningful portfolio reduction during a period when the stock has recovered 10.3% over 90 days and 21.7% over 30 days.