Stephen Mandel’s hedge fund Lone Pine Capital last week significantly reduced its holding in Rightmove (RMV), according to the London Stock Exchange. As can be seen in the table below, it would appear that Lone Pine have begun to lock in a handsome profit on this investment.
Date of stock purchase / sale | No. of shares | % of company’s total stock | Estimate of price paid/ share (Sterling) |
28/01/2008 | 8422252 | 6.5 | - |
18/07/2008 | 10629059 | 9 | 249p |
22/09/2008 | 10438107 | 8.8 | 302p |
12/12/2008 | 11938107 | 10.2 | 171p |
25/03/2009 | 11429616 | 9.72 | 245p |
21/08/2009 | 10004087 | 8.5 | 470p |
24/08/2009 | 9051477 | 7.7 | 525p |
25/08/2009 | 7443038 | 6.3 | 535p |
26/08/2009 | 6893038 | 5.9 | 540p |
The table above highlights the timeline of their ownership stake in RMV and so they now have a 5.9% ownership stake, down from a previous 8.5%, due to the recent sales as listed above. Special thanks as always to a reader in the UK for compiling this data. We've also covered Lone Pine's other UK positions for those interested. And, in terms of US equity holdings, we've also recently covered Lone Pine's 13F filing that details their portfolio.
Rightmove’s operates the Rightmove.co.uk website which provides residential home buyers with properties to search online. Its customers include estate agents, letting agents, new homes developers and overseas homes agents who pay fees for the right to display properties on the website. The company provides data to property professionals and property related businesses. It also provides support services including property valuation for lending purposes. Rightmove trades on the London Stock Exchange.
