Zacks Research Downgrades Seanergy Maritime (NASDAQ:SHIP) to Hold

Seanergy Maritime (NASDAQ:SHIP) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other brokerages have also weighed in on SHIP. Weiss Ratings reissued a “hold (c-)” rating on shares of Seanergy Maritime in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Seanergy Maritime from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Seanergy Maritime Stock Up 2.7%

SHIP stock opened at $9.42 on Tuesday. Seanergy Maritime has a 1-year low of $4.78 and a 1-year high of $11.15. The business has a fifty day moving average price of $9.61 and a 200-day moving average price of $8.40. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.39 and a quick ratio of 0.37. The stock has a market capitalization of $196.90 million, a P/E ratio of 12.90 and a beta of 0.67.

Institutional Trading of Seanergy Maritime

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. WMG Financial Advisors LLC purchased a new stake in shares of Seanergy Maritime in the 2nd quarter worth $109,000. Campbell & CO Investment Adviser LLC purchased a new position in Seanergy Maritime during the second quarter valued at $90,000. R Squared Ltd bought a new stake in Seanergy Maritime during the second quarter valued at about $122,000. Arrowstreet Capital Limited Partnership increased its position in Seanergy Maritime by 512.1% in the second quarter. Arrowstreet Capital Limited Partnership now owns 86,566 shares of the shipping company’s stock worth $546,000 after buying an additional 72,423 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in Seanergy Maritime by 12.9% in the second quarter. BNP Paribas Financial Markets now owns 23,781 shares of the shipping company’s stock worth $150,000 after buying an additional 2,713 shares in the last quarter. 29.36% of the stock is owned by hedge funds and other institutional investors.

About Seanergy Maritime

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is a dry bulk shipping company that provides seaborne transportation services for major commodities, including iron ore, coal and grain. The company’s operations encompass both time charter and voyage charter contracts, enabling customers to secure vessel capacity on either a fixed-rate or spot basis. Its client base includes commodity producers, trading houses and industrial end users seeking global logistics solutions for bulk materials.

The company’s core assets consist of a fleet of modern dry bulk carriers, spanning Capesize, Panamax and Supramax classes.