J. Carlo Cannell, the founder and manager of Cannell Capital, has changed his mind about Crumbs Bake Shop Inc (NASDAQ:CRMB). After previously building a 1.5 million shares position in this stock, Cannell has now started reducing the fund’s exposure to Crumbs Bake Shop. In a recent Form 4 filing with the Securities and Exchange Commission, Cannell reported the sale of 378,000 shares in one transaction at a price of $0.98. As a result, the fund currently holds 1,161,008 shares.
David Keidan, the manager of Buckingham Capital Management, has also been trimming his position in Crumbs Bake Shop. During the third quarter of 2013, Buckingham Capital has reduced their investment by 10%. The fund currently owns approximately 872 thousand shares reportedly worth $977 thousand. Peter A. Wright of P.A.W. Capital Partners also has a stake in Crumbs Bake Shop. The fund holds 665 thousand shares valued at about $745 thousand.
Crumbs Bake Shop engages in the production and sale of baked goods in the United states. The company’s share price has fallen 67% in 2013. In April it registered a massive fall from $3 to$ 1.1 per share and has been trending sideways since then. The stock is currently traded at a price of $0.98 and has a beta of 1.8. The company does not pay any dividends.
For the quarter ended September 30, 2013, Crumbs Bake Shop reported net sales of $11.4 million and a loss per share of $0.49. For the current quarter, analysts expect the company to improve financial performance and register revenues of $12.5 million and a loss per share of $0.4. Crumbs Bake Shop is recommended as a Strong Buy, with a price target of $2 per share.