Cannell Capital Boosts its Stake in ZipRealty, Inc. (ZIPR)

In a new filing with the Securities and Exchange Commission, Carlo J Cannell‘s Cannell Capital revealed that it has significantly increased its position in ZipRealty, Inc. (NASDAQ:ZIPR) to 2.38 million shares, from 1.01 million held earlier. The current holding equals to a 11.03% stake of the company’s common stock.

In November, Cannell Capital had trimmed its holding in ZipRealty to 1.01 million shares from 1.15 million shares held at the end of the third quarter.

ZipRealty, Inc. (NASDAQ:ZIPR) provides online marketing and technology related services to real estate brokerage industry; the company caters to 20 markets nationwide in the U.S.

Last month, the company announced its preliminary results for 2013, wherein revenue for FY2013 was reported to be $75.9 million 3% above FY2012 revenue. For the fourth quarter the company posted a revenue of $17.0 million, which is below the company’s estimates, and the decline is attributed to a sharper-than-expected slowdown in real estate sales in ZipRealty markets. For FY2014 the company anticipates  the revenue growth to be in the mid-single-digit range.

John Burbank’s Passport Capital, is another hedge fund bullish on ZipRealty, Inc. (NASDAQ:ZIPR), which held 854,607 shares of the company at the end of September 2013.

ZipRealty, Inc. (NASDAQ:ZIPR) had stepped up hiring in 2013 as real estate market improved, the company has robust plans to hire more people in 2014.

Earlier, Cannell Capital, revealed that it has raised its stake in Hooper Holmes, Inc. (NYSEMKT:HH), to 10.78 million shares through purchasing 18,076 shares. Last month, the fund trimmed its position in Crumbs Bake Shop Inc (NASDAQ:CRMB) to 896,600 shares, from 1.03 million held earlier.

Disclosure: none

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