Maxim Group Cuts Seanergy Maritime (NASDAQ:SHIP) Price Target to $11.00

Seanergy Maritime (NASDAQ:SHIP) had its target price trimmed by Maxim Group from $17.00 to $11.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the shipping company’s stock.

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

Seanergy Maritime Stock Performance

Shares of SHIP stock opened at $6.71 on Monday. The firm has a market capitalization of $138.90 million, a PE ratio of 2.87 and a beta of 0.63. The company has a 50 day moving average price of $7.14 and a 200-day moving average price of $9.17. Seanergy Maritime has a 52 week low of $6.55 and a 52 week high of $13.19. The company has a quick ratio of 0.52, a current ratio of 1.99 and a debt-to-equity ratio of 0.72.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SHIP. Millennium Management LLC raised its position in Seanergy Maritime by 193.6% in the second quarter. Millennium Management LLC now owns 359,347 shares of the shipping company’s stock worth $3,547,000 after acquiring an additional 236,941 shares during the period. D.A. Davidson & CO. bought a new position in Seanergy Maritime in the third quarter worth approximately $179,000. Walleye Capital LLC raised its position in Seanergy Maritime by 8.4% in the third quarter. Walleye Capital LLC now owns 480,336 shares of the shipping company’s stock worth $5,966,000 after acquiring an additional 37,288 shares during the period. PDT Partners LLC bought a new position in Seanergy Maritime in the third quarter worth approximately $194,000. Finally, Quarry LP raised its position in Seanergy Maritime by 77.9% in the third quarter. Quarry LP now owns 3,017 shares of the shipping company’s stock worth $37,000 after acquiring an additional 1,321 shares during the period. 29.36% of the stock is currently owned by institutional investors.

Seanergy Maritime Company Profile

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.