CPI Card Group Shares Plunge 16.3% as Parallel49 Equity Sells Stake at $21.50 Discount

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Summary · why it matters

CPI Card Group shares fell 16.3% after the credit card manufacturer announced that major stockholder Parallel49 Equity is selling between 2.3 million and 2.7 million shares on the secondary market at $21.50 per share, a 20% discount to the prior day's close. The sale follows a 37.5% August rally in which the stock soared after the company reported $25.9 million in positive free cash flow for the prior quarter. Parallel49 Equity, a private equity firm that has owned CPI Payments for 20 years, is taking advantage of the recent surge to exit its position. Following the sell-off, CPI stock trades at a price-to-free cash flow ratio of just 4x.

Impact on stocks 2

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CPI Card Group Inc
PMTS
▼ NegativeCapitalrelevance

Major holder Parallel49 Equity is selling 2.3-2.7M shares at a 20% discount, driving the 16.3% plunge.

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Off-coverage companies 1

Parallel49 EquityPrivate± Mixed
Capitalrelevance

Parallel49 Equity is exiting its 20-year position by selling its CPI Card Group stake at $21.50 per share.

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