J. Carlo Cannell‘s small-cap focused hedge fund, Cannell Capital, has disclosed increasing its position in Hooper Holmes, Inc. (NYSEMKT:HH) via acquiring some 163,600 shares. Following the two deals, Cannell upped its stake in the company to around 10.54 million shares. The securities have been purchased in two transactions, the average price amounting to $0.50 per share.
According to the latest 10-Q report of the company, Hooper Holmes, Inc. (NYSEMKT:HH) has around 70.1 million shares outstanding, which means that Cannell’s stake amasses around 15% of the common stock. Cannell has been bullish on Hooper Holmes recently, the latest disclosure of acquisition of shares being the fifth in the past couple of months. The fund managed to strengthen its position in the company from some 9.95 million shares reported in the latest 13F as held at the end of September. Since about a year ago, Cannell succeeded to boost significantly the holding from some 4.45 million held at the end of September 2012.
The stock of Hooper Holmes, Inc. (NYSEMKT:HH) has gained over 25% since the beginning of the year. In the January-September period, the company showed a small decline in its revenues, which totaled $34.2 million, versus $35.8 million in the same period of last year. However, the net loss of the company narrowed to $9.3 million, equal to $0.13 per share, from $10.9 million for the first nine months of 2012. Earlier this year, Hooper Holmes, a risk assessment company, has sold its Portamedic service line to American Para Professional Systems, Inc., gaining around $8.1 million in cash.
Aside from Cannell, Jim Simons‘s Renaissance Technologies disclosed a much smaller stake in Hooper Holmes, Inc. (NYSEMKT:HH) as at the end of September. Renaissance owns 869,900 shares, with an aggregate value of $409,000. At the same time, Royce & Associates, managed by Chuck Royce has sold out its holding in the company during the third quarter, after previously holding around over 1.8 million shares.
In another filing, Cannell reiterated its stake in Global Telecom & Technology, Inc. (NYSEMKT:GTT). The fund currently holds 14.75% of the company’s common stock, which represents some 3.43 million shares. Earlier in October, Cannell reported disposing 4,800 shares of the company.
In the past couple of weeks, in addition to its moves in Hooper Holmes, Inc. (NYSEMKT:HH), Cannell has changed its holdings in some other companies, such as ZipRealty, Inc.(NASDAQ:ZIPR), where the fund currently holds slightly above 1.0 million shares, trimming the position from 1.15 million shares. The fund has also sold 378,000 shares of Crumbs Bake Shop Inc (NASDAQ:CRMB), reducing the stake to below 1.2 million shares.
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