Marathon Capital Management Slices Stake in Adept Technology Inc (ADEP)

James G. Kennedy’s Marathon Capital Management has cut its stake in Adept Technology Inc (NASDAQ:ADEP) to some 980,100 shares. In its latest 13F, Marathon Capital Management, reported ownership of around 1.15 million shares of the company. Following the reduction, the fund’s stake in Adept Technology amasses 8.9% of common stock.

Adept Technology Inc

Adept Technology Inc (NASDAQ:ADEP) is a company engaged in manufacturing of application software and motion controls, machine vision systems, industrial robots. In December, the company signed a contract with Cornerstone Automation Systems for delivery of a fleet of mobile robots that will be integrated in pharmacy automation systems.

For the first quarter of its fiscal 2014, Adept Technology Inc (NASDAQ:ADEP) posted a revenue of $13.6 million, up by 19.4% over the year. The gross margin of the company went up by 5% on the year, and totaled 46.1%. Adept also posted a operating loss of $0.2 million, which represent an improvement from $2.7 million in the same period of the previous fiscal year.

Out of the funds we track, Nantahala Capital Management, led by Wilmot B. Harkey and Daniel Mack, reported owning 1.08 million shares of Adept Technology Inc (NASDAQ:ADEP) as held at the end of September 2013. The value of the stake amounts to $7.76 million. Seymour Sy Kaufman And Michael Stark’s Crosslink Capital reported a $972,000 stake, which contains 135,100 shares.

Last month, aside from Marathon Capital Management, an insider also sold around 104,900 shares of the company. David Greenhouse and Austin Marxe reported disposed the securities in December, in six transactions, the price varying between $12.00 and $14.85 apiece. Overall, during the last three months of last year, Greenhouse and Marxe reduced the holding in Adept Technology Inc (NASDAQ:ADEP) to 1.70 million shares, from approximately 2.2 million shares.

Disclosure: none

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