Seanergy Maritime (NASDAQ:SHIP) Share Price Breaks Below 200 Day Moving Average – Should You Sell?

Shares of Seanergy Maritime Holdings Corp (NASDAQ:SHIP) crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $14.95 and traded as low as $14.57. Seanergy Maritime shares last traded at $14.71, with a volume of 416,217 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SHIP. B. Riley Financial boosted their price objective on Seanergy Maritime from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Weiss Ratings upgraded Seanergy Maritime from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Finally, Zacks Research cut Seanergy Maritime from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 29th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Seanergy Maritime presently has an average rating of “Moderate Buy” and an average price target of $25.00.

Seanergy Maritime Trading Down 7.5%

The business’s fifty day moving average price is $17.19 and its 200 day moving average price is $14.95. The company has a market capitalization of $307.44 million, a P/E ratio of 5.14 and a beta of 0.99.

Insider Activity

In related news, Director Christina Anagnostara sold 15,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $17.19, for a total value of $257,850.00. Following the completion of the transaction, the director owned 178,239 shares of the company’s stock, valued at $3,063,928.41. This represents a 7.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stavros Gyftakis sold 2,835 shares of the firm’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $17.52, for a total transaction of $49,669.20. Following the transaction, the insider owned 230,340 shares of the company’s stock, valued at approximately $4,035,556.80. This represents a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Seanergy Maritime

Several hedge funds and other institutional investors have recently modified their holdings of SHIP. Renaissance Technologies LLC lifted its position in shares of Seanergy Maritime by 15.8% during the 1st quarter. Renaissance Technologies LLC now owns 652,300 shares of the shipping company’s stock worth $8,421,000 after buying an additional 88,800 shares during the period. Bank of America Corp DE grew its position in Seanergy Maritime by 5.8% in the first quarter. Bank of America Corp DE now owns 159,972 shares of the shipping company’s stock valued at $2,065,000 after acquiring an additional 8,800 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Seanergy Maritime by 26.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 82,557 shares of the shipping company’s stock valued at $1,066,000 after acquiring an additional 17,274 shares during the period. Sigma Planning Corp bought a new stake in Seanergy Maritime in the third quarter valued at $919,000. Finally, R Squared Ltd lifted its holdings in shares of Seanergy Maritime by 59.3% during the first quarter. R Squared Ltd now owns 29,062 shares of the shipping company’s stock valued at $375,000 after acquiring an additional 10,816 shares during the period. Institutional investors own 29.36% of the company’s stock.

About Seanergy Maritime

Seanergy Maritime Holdings Corp. is a Greece-based international shipping company that owns and operates dry bulk vessels, with a primary focus on Capesize ships. These large vessels transport major dry bulk commodities, including iron ore, coal and grain, for industrial and commercial customers around the world.

The company generates revenue by chartering its vessels to global commodity producers, traders and other shipping customers. Depending on market conditions and customer requirements, its ships may operate under spot-market, voyage charter or time-charter arrangements.