Park West Asset Management Boosts Passive Stake In Move Inc. (MOVE)

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.

Recently, Park West Asset reported a new passive stake in World Wrestling Entertainment Inc. (NYSE:WWE).

Disclosure: none

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