Top Ships (NASDAQ:TOPS) Shares Pass Below Fifty Day Moving Average – Here’s Why

Top Ships Inc. (NASDAQ:TOPS) shares passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $4.92 and traded as low as $3.43. Top Ships shares last traded at $3.60, with a volume of 5,134,936 shares.

Top Ships Trading Down 9.1%

The company has a fifty day simple moving average of $4.92 and a two-hundred day simple moving average of $5.44. The company has a debt-to-equity ratio of 1.78, a current ratio of 0.63 and a quick ratio of 0.61.

Institutional Investors Weigh In On Top Ships

A hedge fund recently bought a new stake in Top Ships stock. Citadel Advisors LLC bought a new stake in shares of Top Ships Inc. (NASDAQ:TOPS) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm 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.

About Top Ships

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.