Genco Shipping & Trading Limited (NYSE:GNK) Short Interest Up 14.7% in January

Genco Shipping & Trading Limited (NYSE:GNK) was the recipient of a significant growth in short interest in January. As of January 31st, there was short interest totalling 655,400 shares, a growth of 14.7% from the January 15th total of 571,200 shares. Currently, 1.8% of the company’s shares are sold short. Based on an average trading volume of 261,300 shares, the short-interest ratio is currently 2.5 days.

NYSE:GNK traded down $0.01 during mid-day trading on Friday, reaching $7.80. The company’s stock had a trading volume of 169,767 shares, compared to its average volume of 222,922. The company has a quick ratio of 1.83, a current ratio of 2.02 and a debt-to-equity ratio of 0.45. Genco Shipping & Trading has a 1 year low of $7.04 and a 1 year high of $11.82. The stock has a fifty day moving average of $9.21 and a 200-day moving average of $9.70. The firm has a market capitalization of $358.78 million, a PE ratio of -8.39 and a beta of 1.14.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its holdings in shares of Genco Shipping & Trading by 69.0% in the 3rd quarter. Barclays PLC now owns 17,055 shares of the shipping company’s stock valued at $157,000 after purchasing an additional 6,961 shares in the last quarter. State Street Corp increased its holdings in Genco Shipping & Trading by 33.4% during the third quarter. State Street Corp now owns 262,614 shares of the shipping company’s stock valued at $2,416,000 after buying an additional 65,734 shares during the period. BlackRock Inc. increased its holdings in Genco Shipping & Trading by 34.2% during the second quarter. BlackRock Inc. now owns 1,019,806 shares of the shipping company’s stock valued at $8,607,000 after buying an additional 260,096 shares during the period. Rhumbline Advisers raised its stake in Genco Shipping & Trading by 12.3% in the third quarter. Rhumbline Advisers now owns 20,939 shares of the shipping company’s stock worth $193,000 after buying an additional 2,297 shares in the last quarter. Finally, Ancora Advisors LLC bought a new position in Genco Shipping & Trading in the third quarter worth approximately $150,000. 84.12% of the stock is currently owned by institutional investors and hedge funds.

GNK has been the subject of a number of research reports. Zacks Investment Research lowered Genco Shipping & Trading from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 28th. Fearnley Fonds cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and set a price objective on the stock. in a research note on Monday, January 27th. ValuEngine downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating in a report on Tuesday, February 4th. Finally, Noble Financial reaffirmed a “buy” rating and set a $18.00 target price on shares of Genco Shipping & Trading in a research report on Sunday, February 2nd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $13.58.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company, through the ownership and operation of dry bulk carrier vessels, transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

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