OceanPal (NASDAQ:OP) Trading Down 2.3% – Time to Sell?

OceanPal Inc. (NASDAQ:OP)’s stock price dropped 2.3% on Thursday . The company traded as low as $9.99 and last traded at $9.99. Approximately 19,901 shares were traded during trading, a decline of 100% from the average daily volume of 12,412,086 shares. The stock had previously closed at $10.2284.

OceanPal Stock Performance

The stock has a market cap of $66.89 million, a P/E ratio of -0.15 and a beta of 1.16. The firm’s fifty day simple moving average is $9.67 and its 200-day simple moving average is $14.16.

Hedge Funds Weigh In On OceanPal

An institutional investor recently bought a new position in OceanPal stock. Citadel Advisors LLC purchased a new stake in shares of OceanPal Inc. (NASDAQ:OP) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 22,841 shares of the company’s stock, valued at approximately $28,000. Citadel Advisors LLC owned about 0.34% of OceanPal at the end of the most recent quarter.

OceanPal Company Profile

OceanPal Inc (NASDAQ: OP) is a Bermuda‐incorporated shipping company focused on the ownership and operation of modern crude oil tankers on a long‐term time charter basis. The company’s fleet includes both very large crude carriers (VLCCs) and Suezmax vessels, constructed at leading shipyards and maintained to high technical and safety standards. By securing multi‐year charter agreements with major oil producers and trading houses, OceanPal aims to generate stable revenue streams and enhance predictability of cash flows.

The origins of OceanPal trace back to General Maritime Corp., which was established in 2005 and listed on the NASDAQ.