Wynnefield Believes Global Power Equipment Group Inc (GLPW) Will Rise Out Of Accounting Troubles Unscathed

So far this year Global Power Equipment Group Inc (NYSE:GLPW)’s stock has depreciated by more than 53%, while the industry of diversified industrials has posted gains of 5.7% during the same period. The current cheap valuation of the stock in light of the prevailing uncertain circumstances is perhaps one of the main reasons which has drawn Wynnefield to it.

Global Power Equipment Group Inc (NYSE:GLPW) faced a slight loss of interest from professional money managers in the first quarter. At the end of the first quarter a total of nine hedge funds among those that we track, had long positions in the stock, with an aggregate investment of about $44.77 million, compared to ten firms with $46.04 million at the end of the previous quarter. The stock depreciated by about 4% during this period. Royce & Associates, led by Chuck Royce, and Peter Schliemann‘s Rutabaga Capital Management are the two largest stockholders of Global Power Equipment Group Inc (NYSE:GLPW) among the aforementioned hedge funds. Their respective holdings amount to 1.98 million shares valued at $26.20 million and about 963,800 shares valued at $12.72 million.

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