Seanergy Maritime (NASDAQ:SHIP) Stock Breaks Above 200-Day Moving Average - Time to Sell?

Key Points

• Seanergy Maritime shares moved above their 200-day moving average of $15.12, reaching $15.69 and last trading at $15.42. The stock was still below its 50-day moving average of $16.74.
• Analyst sentiment is moderately positive: three analysts rate SHIP a Buy and one a Hold, with a consensus price target of $25.00. Recent rating changes included Zacks Research downgrading the stock to Hold and B. Riley raising its target to $25.
• An insider sold 2,835 shares for about $49,700, a 1.22% reduction in his holdings; company insiders retain 4.70% ownership, while institutions and hedge funds own 29.36%.

Seanergy Maritime Holdings Corp (NASDAQ:SHIP - Get Free Report) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $15.12 and traded as high as $15.69. Seanergy Maritime shares last traded at $15.42, with a volume of 314,190 shares changing hands.

Wall Street Analysts Forecast Growth

SHIP has been the topic of a number of research reports. Weiss Ratings restated a "buy (b-)" rating on shares of Seanergy Maritime in a research report on Wednesday, November 4th. Zacks Research cut shares of Seanergy Maritime from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 29th. Finally, B. Riley Financial upped their price target on shares of Seanergy Maritime from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Seanergy Maritime currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.00.

Seanergy Maritime Trading Up 5.3%

The stock has a fifty day simple moving average of $16.74 and a two-hundred day simple moving average of $15.12. The company has a market cap of $322.28 million, a PE ratio of 5.39 and a beta of 1.15.

Insider Activity

In other news, insider Stavros Gyftakis sold 2,835 shares of the firm's stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $17.52, for a total value of $49,669.20. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.70% of the company's stock.

Institutional Trading of Seanergy Maritime

A number of institutional investors have recently modified their holdings of SHIP. HighTower Advisors LLC acquired a new stake in Seanergy Maritime in the third quarter valued at $258,000. Russell Investments Group Ltd. grew its stake in shares of Seanergy Maritime by 165,213.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 49,594 shares of the shipping company's stock worth $815,000 after purchasing an additional 49,564 shares during the period. State of Wyoming acquired a new position in shares of Seanergy Maritime during the 3rd quarter worth $84,000. Sigma Planning Corp acquired a new position in shares of Seanergy Maritime during the 3rd quarter worth $919,000. Finally, Vision Financial Markets LLC acquired a new position in shares of Seanergy Maritime during the 3rd quarter worth $28,000. 29.36% of the stock is currently owned by hedge funds and other institutional investors.

Seanergy Maritime Company Profile

Seanergy Maritime Holdings Corp. is an international shipping company focused on the seaborne transportation of dry bulk commodities. It owns and operates a fleet of dry bulk vessels, primarily Capesize ships designed to carry large cargoes over long distances. The company's vessels transport commodities such as iron ore, coal and grain for customers involved in global trade. Seanergy serves international shipping routes connecting commodity producers with markets around the world. Seanergy is incorporated in the Marshall Islands and has its executive offices in Athens, Greece.

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