Top Ships (NASDAQ:TOPS) Stock Passes Below 200-Day Moving Average – Here’s Why

Top Ships Inc. (NASDAQ:TOPS)’s share price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.22 and traded as low as $0.7902. Top Ships shares last traded at $0.7941, with a volume of 143,911 shares trading hands.

Top Ships Stock Performance

The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.61 and a current ratio of 0.63. The company’s fifty day moving average is $0.80 and its 200-day moving average is $2.22.

Institutional Investors Weigh In On Top Ships

A hedge fund recently raised its position in Top Ships stock. Cetera Investment Advisers lifted its holdings in Top Ships Inc. (NASDAQ:TOPS) by 38.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,179 shares of the shipping company’s stock after purchasing an additional 4,185 shares during the period. Cetera Investment Advisers owned about 0.33% of Top Ships worth $80,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 6.72% of the company’s stock.

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.