Pangaea Logistics Solutions Ltd. (NASDAQ:PANL)’s share price hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $4.50 and last traded at $4.64, with a volume of 437848 shares changing hands. The stock had previously closed at $3.99.

The shipping company reported $0.17 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.09. Pangaea Logistics Solutions had a net margin of 1.10% and a return on equity of 7.10%. The company had revenue of $107.02 million during the quarter.

A number of equities analysts have recently commented on PANL shares. Fearnley Fonds started coverage on shares of Pangaea Logistics Solutions in a research note on Tuesday, October 10th. They set a “buy” rating and a $3.60 price objective for the company. Deutsche Bank AG started coverage on shares of Pangaea Logistics Solutions in a research note on Wednesday, August 30th. They set a “buy” rating and a $111.10 price objective for the company.

The firm has a market capitalization of $204.96, a P/E ratio of 13.77 and a beta of 0.38. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 0.92.

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About Pangaea Logistics Solutions

Pangaea Logistics Solutions, Ltd. is a holding company. The Company is a provider of seaborne drybulk transportation services. The Company services a range of industrial customers who require the transportation of a range of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone.

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