Top Ships (NASDAQ:TOPS) Stock Price Passes Below Fifty Day Moving Average – Here’s What Happened

Top Ships Inc. (NASDAQ:TOPS) shares passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $1.60 and traded as low as $0.8623. Top Ships shares last traded at $0.8910, with a volume of 180,355 shares changing hands.

Top Ships Stock Down 10.7%

The company’s fifty day moving average price is $1.51 and its two-hundred day moving average price is $3.47. The company has a quick ratio of 0.61, a current ratio of 0.63 and a debt-to-equity ratio of 1.78.

Hedge Funds Weigh In On Top Ships

A hedge fund recently bought a new position in Top Ships stock. Citadel Advisors LLC bought a new position in shares of Top Ships Inc. (NASDAQ:TOPS) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 11,613 shares of the shipping company’s stock, valued at approximately $68,000. Citadel Advisors LLC owned approximately 0.25% of Top Ships at the end of the most recent quarter. 6.72% of the stock is owned by institutional investors.

Top Ships Company Profile

Top Ships Inc, incorporated in the Republic of the Marshall Islands and trading on NASDAQ under the symbol TOPS, is a global dry bulk shipping company. The firm specializes in the transportation of commodities such as iron ore, coal and grains and operates a fleet of Panamax, Kamsarmax and Capesize vessels. Through a mix of long-term time charters and spot charters, Top Ships serves a diversified customer base in the bulk shipping market.

Since its founding, Top Ships has pursued a strategy of fleet growth via acquisitions of second-hand vessels, aiming to capitalize on favorable market cycles.