Charlotte-based Tikvah Management sold 400,000 shares of Payoneer Global Inc. in the third quarter, reducing position value by $3.77 million. The fund reported holding 1.29 million shares of PAYO valued at approximately $7.82 million as of September 30. Payoneer shares were priced at $5.55, down 44% over the past year.

Tikvah Management disclosed a sale of 400,000 Payoneer Global Inc. shares, reducing position value by $3.77 million. A SEC filing showed the estimated value of the sale was $2.68 million. Payoneer’s weighting in Tikvah Management’s AUM dropped to 2.3%. Top holdings include GOOGL, AMZN, CMPO, BIO, and SPY.

Payoneer Global Inc. offers a global payment platform for online marketplaces, platforms, and merchants in 190 countries. The company is headquartered in New York City, focusing on digital businesses and compliance-driven solutions. Payoneer operates at scale in the global payments sector, facilitating cross-border transactions for digital businesses.

In the third quarter, Payoneer delivered record revenue of $270.9 million, up 9% year over year. Adjusted EBITDA reached $71.3 million, with full-year guidance expecting up to $1.07 billion in revenue. Net income fell to $14.1 million, reflecting higher taxes and rising operating costs. Payoneer is executing growth, but the market wants proof of durable earnings power.

Read more at Yahoo Finance: Why a Fund Cut $4 Million of Payoneer Stock Despite Record Revenues