In its latest amended filing, Peter S. Park’s Park West Asset Management has disclosed upping its passive stake in Move Inc. (NASDAQ:MOVE). According to the filing, the fund owns around 1.99 million shares of the company, up from 1.25 million shares held earlier. The new position amasses 5.1% of common stock of the company.
California-based Move Inc. (NASDAQ:MOVE) is engaged in providing information related to home buying, selling, financing and renting. It has a market cap of $482.5 million. On March 5, Move Inc. (NASDAQ:MOVE) announced that Errol Samuelson, its Chief Strategy Officer, resigned from its post, effective immediately.
For fourth-quarter 2013, the company’s revenue increased by 7% on the year, to $56.5 million from $52.7 million in the fourth quarter of 2012. For twelve months ended December 31, 2013, it reported revenue of $227.03 million, up from $199.2 million in 2012. Move Inc. (NASDAQ:MOVE) expects revenue of about $58 million for the quarter ending March 31, 2014 and $254–$258 million for the full 2014.
The largest shareholders of (NASDAQ:MOVE) include Spencer M. Waxman’s Shannon River Fund Management, which disclosed holding 1.38 million shares, worth just over $22.0 million, at the end of 2013. Another investor, SAC Subsidiary Sigma Capital Management, reported ownership of a more than $20 million stake, which contains 1.38 million shares.
California-based Park West Asset holds most of its equity holdings in the services sectors. According to the fund’s latest 13F, Outerwall Inc (NASDAQ:OUTR) was largest holding, in which the fund owned a $59.5 million stake. In February 2014, the fund increased its stake in Outerwall Inc (NASDAQ:OUTR) to 1.5 million shares from 884,608 shares held earlier. The second most valuable holding was Macquarie Infrastructure Company LLC (NYSE:MIC), in which the fund disclosed holding 1.09 million share, with a reported value of $59.4 million.