Iroquois Capital Management Further Boosts Stake In National Holdings Corporation (NHLD)

According to a recent filing with the Securities and Exchange Commission, Iroquois Capital Management has increased its holding of National Holdings Corporation (OTCBB:NHLD) by 1 million shares and is currently holding 8.45 million shares. The current stake accounts for 6.9% of the total number of shares outstanding.

Earlier this month, Iroquois had two of its principals, Richard Abbe and Joshua Silverman, elected to the Board of Directors of National Holdings Corporation (OTCBB:NHLD). Both are to serve on the company’s Strategy Committee.

“Today’s action taken by the Board of Directors will provide additional independent voices and further assist National Holdings in executing its strategic growth plan. National Holdings has consistently reported strong results over the past several quarters and looks forward to the contributions from Rich and Josh as the Company continues to diversify its revenue streams, drive profitability, improve margins, reduce costs, expand its client base and offer additional complementary products and services”, said Mark D. Klein, National Holdings’ Chief Executive Officer and Co-Executive Chairman, according to a statement.

National Holdings Corporation (OTCBB:NHLD) is also on the radar of Mendon Capital Advisors. During the first quarter of this year, Anton Schutz, the fund’s manager, has increased its stake by 16% to approximately 3.67 million shares.

National Holdings Corporation (OTCBB:NHLD) is a provider of  investment banking and asset management services and has a market cap of $65 million and does not pay a dividend. So far this year, the stock has been trending sideways, close to the $0.5 level and is currently trading at $0.53 per share. Shares carry a trailing Price to Earnings (P/E) ratio of 12.xx, which is lower than the industry average of 19.00. For the first three months of 2014, National Holdings Corporation reported revenues of $52.7 million, up 60% year-over-year, and earnings per share (EPS) have increased from $0.01 posted for the same period last year to $0.03.

Disclosure: none.