US activist investment firm Sachem Head has reportedly acquired a 6% stake in Rightmove, the online property portal. The investment is said to be worth hundreds of millions of pounds, according to reports from The Sunday Times, prompting speculation regarding Rightmove's future ownership.
This acquisition follows a period where Rightmove's share price has fallen significantly. Shares are currently trading at approximately £5.00, representing a 39% decline from their 2025 peak of £8.18 per share. The decline was attributed to market concerns over potential disruption from artificial intelligence-enabled search engines.
Market sources suggest Sachem Head believes the AI-prompted sell-off was excessive and that the shares are now undervalued. The hedge fund has reportedly been encouraging Rightmove to take on debt to fund share buybacks, a strategy that could support the share price. Rightmove has not yet responded to requests for comment.