Seanergy Maritime (NASDAQ:SHIP) Share Price Breaks Below 200 Day Moving Average - Should You Sell?

Key Points

• Seanergy Maritime shares fell below their 200-day moving average, trading as low as $14.57 versus the $14.95 average, and last changing hands at $14.71.
• Analyst sentiment remains generally positive: three analysts rate the stock a Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $25.
• Insiders recently sold shares, while institutional ownership stands at 29.36%; the company operates dry-bulk vessels, primarily Capesize ships transporting commodities such as iron ore, coal and grain.

Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $14.95 and traded as low as $14.57. Seanergy Maritime shares last traded at $14.71, with a volume of 416,217 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Weiss Ratings raised Seanergy Maritime from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Zacks Research downgraded Seanergy Maritime from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 29th. Finally, B. Riley Financial upped their target price on Seanergy Maritime from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $25.00.

Seanergy Maritime Price Performance

The stock's fifty day moving average price is $17.19 and its 200-day moving average price is $14.95. The firm has a market cap of $307.44 million, a price-to-earnings ratio of 5.14 and a beta of 0.99.

Insider Activity

In other news, Director Christina Anagnostara sold 15,000 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $17.19, for a total value of $257,850.00. Following the transaction, the director owned 178,239 shares in the company, valued at $3,063,928.41. This represents a 7.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stavros Gyftakis sold 2,835 shares of the firm's stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $17.52, for a total value of $49,669.20. Following the sale, the insider directly owned 230,340 shares of the company's stock, valued at $4,035,556.80. This trade represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Seanergy Maritime

Several hedge funds and other institutional investors have recently bought and sold shares of SHIP. Renaissance Technologies LLC increased its holdings in shares of Seanergy Maritime by 15.8% during the 1st quarter. Renaissance Technologies LLC now owns 652,300 shares of the shipping company's stock worth $8,421,000 after purchasing an additional 88,800 shares during the period. Bank of America Corp DE raised its position in shares of Seanergy Maritime by 5.8% during the first quarter. Bank of America Corp DE now owns 159,972 shares of the shipping company's stock valued at $2,065,000 after buying an additional 8,800 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Seanergy Maritime by 26.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 82,557 shares of the shipping company's stock valued at $1,066,000 after buying an additional 17,274 shares during the period. Sigma Planning Corp bought a new stake in shares of Seanergy Maritime in the third quarter valued at about $919,000. Finally, R Squared Ltd lifted its stake in shares of Seanergy Maritime by 59.3% in the first quarter. R Squared Ltd now owns 29,062 shares of the shipping company's stock valued at $375,000 after buying an additional 10,816 shares during the period. 29.36% of the stock is currently owned by institutional investors and hedge funds.

About Seanergy Maritime

Seanergy Maritime Holdings Corp. is a Greece-based international shipping company that owns and operates dry bulk vessels, with a primary focus on Capesize ships. These large vessels transport major dry bulk commodities, including iron ore, coal and grain, for industrial and commercial customers around the world.

The company generates revenue by chartering its vessels to global commodity producers, traders and other shipping customers. Depending on market conditions and customer requirements, its ships may operate under spot-market, voyage charter or time-charter arrangements.

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