American Investors Selling Out EPAM Shares

The quotations of the company have sharply collapsed.

The American fund of AllianceBernstein has sold a large batch of EPAM shares.

The fund appeared among the shareholders of the company with Belarusian roots in 2023. In mid-April, AllianceBernstein, judging by the information of the U.S. Securities and Exchange Commission, owned 6.1% of shares of the company with a total value of about $800 million, writes dev.by.

By the end of 2023, the fund held only 1.6% of EPAM shares. The fund disappeared from the list of shareholders, whose stake exceeds 5%. Co-founder of the company Arkady Dobkin owns 3.5% of shares.

EPAM's quarterly report was released last week. After the publication, the company's quotes plummeted from $249 to $182 per share. Investors were spooked by gloomy revenue forecasts and demand difficulties.

EPAM shares are now trading at $189 apiece.