Seanergy Maritime (NASDAQ:SHIP) Price Target Raised to $25.00 at B. Riley Financial

Key Points

• B. Riley Financial raised Seanergy Maritime’s price target to $25 from $22 and maintained a “buy” rating, implying 44.68% upside from the stock’s $17.28 price. Analysts’ consensus is “Moderate Buy,” with an average target of $25.
• Seanergy Maritime reported quarterly EPS of $0.63, beating estimates of $0.39, while revenue of $42.85 million exceeded forecasts of $42.15 million. Analysts expect full-year EPS of approximately $2.87.
• Shares fell 3.0% in Friday trading but remain near their 12-month high, with the stock up from its $6.70 low. Institutional investors own 29.36% of the company, with several firms recently increasing or initiating positions.

Seanergy Maritime (NASDAQ:SHIP - Get Free Report) had its price objective upped by stock analysts at B. Riley Financial from $22.00 to $25.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the shipping company's stock. B. Riley Financial's price objective would suggest a potential upside of 44.68% from the stock's current price.

Several other equities analysts have also recently issued reports on the company. Wall Street Zen upgraded Seanergy Maritime from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 4th. Zacks Research cut Seanergy Maritime from a "strong-buy" rating to a "hold" rating in a report on Friday, May 29th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Seanergy Maritime in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $25.00.

Seanergy Maritime Trading Down 3.0%

SHIP stock traded down $0.54 during trading on Friday, hitting $17.28. The company had a trading volume of 119,627 shares, compared to its average volume of 240,993. The firm has a 50-day moving average price of $15.07 and a 200-day moving average price of $13.77. Seanergy Maritime has a 12 month low of $6.70 and a 12 month high of $18.08. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 1.11. The stock has a market cap of $361.15 million, a price-to-earnings ratio of 9.66 and a beta of 0.94.

Seanergy Maritime (NASDAQ:SHIP - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The shipping company reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.24. The firm had revenue of $42.85 million for the quarter, compared to analyst estimates of $42.15 million. Seanergy Maritime had a return on equity of 14.47% and a net margin of 20.96%. As a group, analysts predict that Seanergy Maritime will post 2.87 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SHIP. Arrowstreet Capital Limited Partnership increased its holdings in Seanergy Maritime by 512.1% in the second quarter. Arrowstreet Capital Limited Partnership now owns 86,566 shares of the shipping company's stock valued at $546,000 after purchasing an additional 72,423 shares during the last quarter. Jane Street Group LLC acquired a new position in Seanergy Maritime in the second quarter valued at about $124,000. BNP Paribas Financial Markets boosted its holdings in Seanergy Maritime by 12.9% during the second quarter. BNP Paribas Financial Markets now owns 23,781 shares of the shipping company's stock worth $150,000 after buying an additional 2,713 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Seanergy Maritime by 56.2% during the third quarter. JPMorgan Chase & Co. now owns 44,467 shares of the shipping company's stock worth $367,000 after buying an additional 15,991 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new position in shares of Seanergy Maritime during the 3rd quarter worth about $345,000. 29.36% of the stock is currently owned by institutional investors.

About Seanergy Maritime

Seanergy Maritime Holdings Corp. NASDAQ: SHIP is a dry bulk shipping company that provides seaborne transportation services for major commodities, including iron ore, coal and grain. The company's operations encompass both time charter and voyage charter contracts, enabling customers to secure vessel capacity on either a fixed-rate or spot basis. Its client base includes commodity producers, trading houses and industrial end users seeking global logistics solutions for bulk materials.

The company's core assets consist of a fleet of modern dry bulk carriers, spanning Capesize, Panamax and Supramax classes.

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