Top Ships (NASDAQ:TOPS) Stock Passes Below Two Hundred Day Moving Average – Here’s What Happened

Top Ships Inc. (NASDAQ:TOPS) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.32 and traded as low as $0.7505. Top Ships shares last traded at $0.7830, with a volume of 140,114 shares trading hands.

Top Ships Price Performance

The company has a current ratio of 0.63, a quick ratio of 0.61 and a debt-to-equity ratio of 1.78. The company has a 50 day moving average price of $1.33 and a 200 day moving average price of $3.32.

Hedge Funds Weigh In On Top Ships

A hedge fund recently raised its stake in Top Ships stock. Cetera Investment Advisers boosted its stake in shares of Top Ships Inc. (NASDAQ:TOPS) by 38.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,179 shares of the shipping company’s stock after buying an additional 4,185 shares during the quarter. Cetera Investment Advisers owned 0.33% of Top Ships worth $80,000 as of its most recent filing with the Securities and Exchange Commission. 6.72% of the stock is currently owned by institutional investors.

About Top Ships

Top Ships Inc, incorporated in the Republic of the Marshall Islands and trading on NASDAQ under the symbol TOPS, is a global dry bulk shipping company. The firm specializes in the transportation of commodities such as iron ore, coal and grains and operates a fleet of Panamax, Kamsarmax and Capesize vessels. Through a mix of long-term time charters and spot charters, Top Ships serves a diversified customer base in the bulk shipping market.

Since its founding, Top Ships has pursued a strategy of fleet growth via acquisitions of second-hand vessels, aiming to capitalize on favorable market cycles.