TOP SHIPS Inc (NASDAQ:TOPS) was the recipient of a large decline in short interest during the month of March. As of March 13th, there was short interest totalling 150,000 shares, a decline of 26.4% from the February 27th total of 203,800 shares. Based on an average trading volume of 5,825,200 shares, the days-to-cover ratio is presently 0.0 days. Currently, 1.5% of the company’s shares are sold short.
An institutional investor recently bought a new position in TOP SHIPS stock. Sabby Management LLC acquired a new stake in TOP SHIPS Inc (NASDAQ:TOPS) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 204,227 shares of the shipping company’s stock, valued at approximately $572,000. TOP SHIPS comprises about 0.3% of Sabby Management LLC’s portfolio, making the stock its 21st largest position. Sabby Management LLC owned 2.35% of TOP SHIPS at the end of the most recent reporting period. Hedge funds and other institutional investors own 7.97% of the company’s stock.
Separately, Maxim Group reissued a “buy” rating and issued a $1.50 price objective on shares of TOP SHIPS in a report on Friday, December 20th.
TOP SHIPS Company Profile
Top Ships Inc owns and operates tanker vessels worldwide. The company's medium range tanker vessels transport crude oil, petroleum products, and bulk liquid chemicals. As of December 31, 2018, it had a fleet of two bareboat chartered-in 50,000 deadweight ton (dwt) product/chemical tankers vessels, the M/T Stenaweco Energy and the M/T Stenaweco Evolution; two 39,000 dwt product/chemical tankers vessels, the M/T Eco Fleet and the M/T Eco Revolution; six 50,000 dwt product/chemical tankers, the M/T Stenaweco Excellence, M/T Nord Valiant, M/T Stenaweco Elegance, the M/T Eco Palm Desert, the M/T Eco California, and the M/T Eco Marina Del Ray; two 50,000 dwt product/chemical tankers, the M/T Eco Holmby Hills and the M/T Palm Springs; and a 157,000 dwt Suezmax vessel M/T Eco Bel Air.
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