Cannell Capital Further Reduces Position in Crumbs Bake Shop Inc (CRMB)

Carlo Cannell‘s Cannell Capital has sliced its position in Crumbs Bake Shop Inc (NASDAQ:CRMB). According to a newly amended filing with the Securities and Exchange Commission, Cannell currently owns approximately 896,600 shares of the company, down from 1.03 million held earlier. The stake is activist by nature and amasses 7.45% of the common stock.

Carlo Cannell

 

Earlier in November, Cannell reported reducing its exposure to Crumbs Bake Shop, Inc. (NASDQ:CRMB) to 1.16 million shares via selling 378,000 shares at a price of $0.98 apiece. Later, the fund further cut the stake to 1.03 million shares, which represented 8.53% of the company’s common stock.

In December, Crumbs Bake Shop, Inc. (NASDQ:CRMB), a cupcake specialty retailer, announced appointment of  Edward M. Slezak, as interim Chief Executive Officer, after Julian R. Geiger, stepped down as President and CEO, of the company. In third quarter of 2013 results the net loss of the company was $5.7 million, as compared to $1.1 million a year ago. Comp store sales declined 17.2%. Adjusted EBITDA was reported to be negative of $3.1 million in the quarter, versus negative of $1.2 million in the third quarter of 2012.

Buckingham Capital Management, led by David Keidan, sliced its stake in Crumbs Bake Shop, Inc. (NASDQ:CRMB) by 10% in the third quarter of 2013, and now holds 872,608 shares, representing a value of $977,000. Another hedge fund that we track holding a stake in the company is P.a.w. Capital Partners, managed by Peter A. Wright, which owns 665,000 shares.

Carlo Cannell’s Cannell Capital, focuses on small cap companies. The fund has been accumulating shares of Hooper Holmes, Inc. (NYSEMKT:HH), in the first week of December, it accumulated 27,200 shares, bought at an average price of $0.53 per share. Later, the fund, further boosted its stake by, acquiring another 163,600 shares at a price of $0.50 per share, and 143,100 shares, at a price of $0.51 per share, raising its holding to 10.68 million shares.

Disclosure: none

Recommended Reading:

Hedge Fund News: Paul Singer, Larry Robbins & Chris Hohn

Royce & Associates’ Latest Moves Also Involve R.G. Barry Corp. (DFZ), Atrion Corporation (ATRI) & Arden Group, Inc. (ARDNA)

Warren Lichtenstein Receives Some ModusLink Global Solutions, Inc. (MLNK) Shares

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!