What Caused the Pop in Seanergy Maritime Holdings Corporation (NASDAQ: Ship)?
On Tuesday, 2 August 2016, Seanergy Maritime Holdings Corporation (NASDAQ: SHIP) stock increased by over 126%, or $3.63 per share to $6.48. The stock currently has a 52-week low of $1.10 and a 52-week high of $7.89. By early morning, some 2,438,942 shares had changed hands, whereas the average 3-month volume is just 12,260 shares. At its present price, the company has a market capitalisation of $120.6 million with a -6.06 price/earnings ratio and a -1.02 diluted earnings per share. There is no dividend & yield to speak of and the 1-year target estimate price is $5 per share.
On Monday, 1 August 2016, Seanergy Maritime Holdings Corporation (NASDAQ: SHIP) stock increased short interest by 5.45%. In August, Seanergy Maritime Holdings Corporation’s (NASDAQ: SHIP) total short interest measured 17,400 shares. This is 900 shares greater than the 16,500 shares that were reported previously. The average volume is 1,900 shares, this means that short sellers will require 9 days to fully cover the short positions at Seanergy Maritime Holdings Corporation (NASDAQ: SHIP).
Since December 23, 2015, shares of the stock have decreased by 18.82%, prior to the recent pop. This international shipping company had a market cap of just $40.45 million on 1 August 2016, and now it is valued at $80 million more. The company has not issued dividends in more than 1 year.
Recent Earnings Reports for Seanergy Maritime Holdings Corporation (NASDAQ: SHIP)
On 16 June 2016, Seanergy Maritime Holdings Corporation (NASDAQ: SHIP) released its financial results for the 3 months ending on March 31, 2016. Net revenues amounted to $7 million while stockholders’ equity was calculated at $21.1 million. Cash and restricted cash figures of $2.8 million were reported. The company currently has 6 Capesize vessels (Leadership, Geniuship, Gloriouship, Squireship, Championship, Premiership) and 2 Supramax vessels (Gladiatorship and Guardianship). During Q1 2016 there were 728 ownership days, 717 available days, 618 operating days and 84.9% fleet utilisation, the daily vessel operating expenses amounted to $5,118. The TCE (time charter equivalent) rate was calculated at $3,765. Earlier in January 2016, there was a 1:5 reverse stock split of the company’s common stock on the NASDAQ capital market.
Prior to today’s massive share price appreciation, the stock was regarded as a sell. On the day, the stock’s appreciation exceeded its nearest rivals by a long margin. Presently, Seanergy Maritime Holdings Corporation (NASDAQ: SHIP) is up 107.81%, and Globus Maritime Ltd (GLBS) is up 90.34% at a price of $1.07. The company will be releasing its earnings report on 21 September 2016 at 9:30 AM EDT. The stock has a 50-day average daily volume of 14,033 shares. The stock was listed as one of the biggest gainers on the day on 2 August 2016, after opening at $3.21 and now being floated upwards of $7.90. It is presently trading at $6.64. The gains of 127.88% of its share price mean that this is one of the most highly-watched shipping stocks in the world.
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