Maxim Group Issues Pessimistic Forecast for Seanergy Maritime (NASDAQ:SHIP) Stock Price

Seanergy Maritime (NASDAQ:SHIP) had its price objective lowered by research analysts at Maxim Group from $17.00 to $11.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the shipping company’s stock. Maxim Group’s price target indicates a potential upside of 64.30% from the company’s previous close.

Separately, StockNews.com downgraded Seanergy Maritime from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 13th.

Seanergy Maritime Stock Down 3.4 %

SHIP traded down $0.24 during midday trading on Monday, reaching $6.70. 187,957 shares of the company were exchanged, compared to its average volume of 227,178. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.52 and a current ratio of 1.99. The company’s fifty day moving average price is $7.23 and its 200 day moving average price is $9.23. The company has a market cap of $138.59 million, a price-to-earnings ratio of 2.86 and a beta of 0.63. Seanergy Maritime has a one year low of $6.55 and a one year high of $13.19.

Seanergy Maritime (NASDAQ:SHIP) last announced its earnings results on Tuesday, November 5th. The shipping company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.07. Seanergy Maritime had a return on equity of 19.01% and a net margin of 28.37%. The firm had revenue of $44.36 million for the quarter, compared to the consensus estimate of $42.10 million. During the same quarter in the previous year, the business earned ($0.28) EPS. As a group, analysts expect that Seanergy Maritime will post 2.01 EPS for the current year.

Hedge Funds Weigh In On Seanergy Maritime

Several institutional investors have recently bought and sold shares of SHIP. R Squared Ltd purchased a new position in Seanergy Maritime in the fourth quarter valued at approximately $25,000. Quarry LP lifted its stake in Seanergy Maritime by 77.9% in the third quarter. Quarry LP now owns 3,017 shares of the shipping company’s stock valued at $37,000 after purchasing an additional 1,321 shares during the last quarter. Trueblood Wealth Management LLC purchased a new position in Seanergy Maritime in the fourth quarter valued at approximately $97,000. D.A. Davidson & CO. purchased a new position in Seanergy Maritime in the third quarter valued at approximately $179,000. Finally, PDT Partners LLC purchased a new position in Seanergy Maritime in the third quarter valued at approximately $194,000. Hedge funds and other institutional investors own 29.36% of the company’s stock.

About Seanergy Maritime

Seanergy Maritime Holdings Corp., a shipping company, provides seaborne transportation of dry bulk commodities worldwide. It operates a fleet of 16 Capesize dry bulk vessels and one Newcastlemax dry bulk vessel with a cargo-carrying capacity of approximately 3,054,820 dwt. The company was formerly known as Seanergy Merger Corp.