David Nierenberg Sells $13 Millon Worth Of Move Inc. SharesVW Staff
David Nierenberg, the founder and president of Nierenberg Investment management Company Inc. sold 1.75 million shares of Move Inc. (NASDAQ:MOVE) according to the latest SEC Form 13D schedule. The fund management company sold $12,695,000 worth of shares of common stock of the Internet information provider. According to the Form 4 filing, David Nierenberg sold a total of 237,500 shares of Move Inc. on Thursday, November 28, at an average price of $7.60. Nierenberg had also sold a total of 1,512,500, the previous day, Wednesday, November 27, at an average price of $7.20 per share.
David Nierenberg’s Investment management company manages a family of funds under the name D3 Family of Funds, with an estimated total portfolio value of $221 million. The overall value of assets under management is estimated at $350 million spread across four investment partnerships. David Nierenberg also is a board member of the Washington State Investment, a public employee, retirement fund management body, which manages over $80 billion. David Nierenberg founded Nierenberg Investment Company Inc. in 1996.
Nierenberg had sold 109,642 shares of Move Inc. (NASDAQ:MOVE) on November 2nd and 6th. Move Incorporated, operates an online network of Websites for real estate search, finance, and moving and home enthusiasts. The small cap company has 39.32 million shares of common stock outstanding, with 29.89 million floated.
Move Inc. (NASDAQ:MOVE) has a market capitalization of $291 million and an enterprise value of $260.13 million. Its most recent quarter posted $30.88 million worth of cash reserves. Revenues grew by 6.4% year-over-year for the most recent quarter while earnings grew magnificently by 122 percent. The company’s profit margin for the trailing twelve months stands at 4.14 percent, while the operating margin is pegged at 4.36 percent.
Move Inc. (NASDAQ:MOVE) faces competition from Zillow Inc (NASDAQ:Z), a Washington based business services company, which engages in the operation of a real estate information marketplace. It also faces competition from two privately held companies; Classified Ventures, LLC, and PRIMEDIA Inc.
At the time of this writing, Move Inc. (NASDAQ:MOVE) stock was trading at $7.41 per share, up $0.01, or 0.14 percent increase from yesterday’s close.