Top Ships (NASDAQ:TOPS) Stock Passes Below 200-Day Moving Average – Here’s Why

Top Ships Inc. (NASDAQ:TOPS)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.32 and traded as low as $0.7505. Top Ships shares last traded at $0.7830, with a volume of 140,114 shares trading hands.

Top Ships Price Performance

The stock’s 50-day moving average is $1.33 and its two-hundred day moving average is $3.32. The company has a current ratio of 0.63, a quick ratio of 0.61 and a debt-to-equity ratio of 1.78.

Institutional Investors Weigh In On Top Ships

A hedge fund recently raised its stake in Top Ships stock. Cetera Investment Advisers lifted its stake in Top Ships Inc. (NASDAQ:TOPS) by 38.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,179 shares of the shipping company’s stock after purchasing an additional 4,185 shares during the period. Cetera Investment Advisers owned about 0.33% of Top Ships worth $80,000 at the end of the most recent quarter. 6.72% of the stock is owned by institutional investors and hedge funds.

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.