Institutional Investors Dumping Compass Real Estate Stock
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Institutional Investors Dumping Compass Real Estate Stock
More institutional investors dumped shares in Compass last quarter as the brokerage’s losses continued to pile up.
Robert Citrone’s Discovery Capital Management and Montreal-based Wishbone Management were among the firms that sold large amounts of Compass stock in the fourth quarter, liquidating 25 and 30 percent of their holdings, respectively, filings with the Securities and Exchange Commission show.
Institutional Venture Partners, a longstanding Silicon Valley private equity investor, sold nearly 13 percent of its Compass holdings last quarter, according to data analytics firm Simply Wall St.
As a downturn in the housing market continues to eat into its revenues, Compass reported last week that it lost $158 million in the fourth quarter, despite layoffs and restrictions on company stock awards that it said caused exaggerated losses in previous regulatory filings.
Source: The Real Deal
