Heidmar Maritime (NASDAQ:HMR) Shares Down 6% - Here's Why

Key Points

• Heidmar Maritime Holdings Corp. (NASDAQ:HMR) saw a 6% drop in stock price, trading as low as $1.41 after closing at $1.51.
• B. Riley initiated coverage with a buy rating and a target price of $5.00, while Wall Street Zen upgraded the stock to a hold rating.
• The company reported earnings of $0.01 EPS, missing estimates of $0.05 EPS, but revenue for the quarter was significantly higher than expected at $9.58 million.

Heidmar Maritime Holdings Corp. (NASDAQ:HMR - Get Free Report) shares were down 6% on Wednesday . The stock traded as low as $1.41 and last traded at $1.42. Approximately 137,005 shares changed hands during mid-day trading, an increase of 90% from the average daily volume of 72,223 shares. The stock had previously closed at $1.51.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on HMR shares. Wall Street Zen raised shares of Heidmar Maritime to a "hold" rating in a research report on Sunday, June 15th. B. Riley started coverage on shares of Heidmar Maritime in a research report on Tuesday, July 15th. They set a "buy" rating and a $5.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Heidmar Maritime currently has a consensus rating of "Buy" and a consensus price target of $5.00.

Heidmar Maritime Trading Down 6.7%

The company has a fifty day simple moving average of $1.57.

Heidmar Maritime (NASDAQ:HMR - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.04). The firm had revenue of $9.58 million for the quarter, compared to analysts' expectations of $5.19 million.

About Heidmar Maritime

Heidmar Maritime Holdings Corp. provides commercial and pool management services to the dry bulk, crude oil, and refined petroleum product tanker markets worldwide. It offers tanker pool and commercial management, dry bulk pool and commercial management, and fuel services. The company also operates a platform to invest in tanker or drybulk vessels offering a range of customized services for the investor, as well as engages in the sale and purchase of second-hand vessels and newbuilds in the tanker and drybulk sectors.