Saturday, June 25, 2022

Selling Buzz: Genco Shipping & Trading Limited [GNK] CEO, President, and Secretary WOBENSMITH JOHN C sells 45,000 shares of the company

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Genco Shipping & Trading Limited shares valued at $1,131,615 were sold by WOBENSMITH JOHN C on May 27. At $25.15 per share, WOBENSMITH JOHN C sold 45,000 shares. The insider’s holdings dropped to 399,099 shares worth approximately $7.6 million following the completion of this transaction.


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Also, WOBENSMITH JOHN C sold 12,194 shares, netting a total of over 308,548 in proceeds. Following the sale of shares at $25.30 each, the insider now holds 399,099 shares.

Before that, Hughes Robert E had sold 3,500 shares from its account. In a trade valued at $86,767, the Chief Operations Officer traded Genco Shipping & Trading Limited shares for $24.79 each. Upon closing the transaction, the insider’s holdings decreased to 3,500 shares, worth approximately $14135.1.

As published in their initiating research note from Sidoti on December 14, 2021, The Buckle Inc. [BKE] has been a Buy and the price target has been revised to $60. This represents a 51.68% premium over Wednesday’s closing price. Analysts at Deutsche Bank downgraded the stock from ‘”a Hold”‘ to ‘”a Sell”‘ outlook in a report released in early March. As of November 02, 2018, Deutsche Bank has increased its “Sell” rating to a “Hold” for BKE. Earlier on April 07, 2017, Deutsche Bank upgraded its rating. Their new recommendation was “a Hold” for BKE stock which previously was a “a Sell”. This represents a 29.44% premium over Wednesday’s closing price. Analysts at H.C. Wainwright started covering the stock with ‘”a Buy”‘ outlook in a report released in mid September. As of July 29, 2020, DNB Markets has increased its “Hold” rating to a “Buy” for GNK. Earlier on March 09, 2020, DNB Markets downgraded its rating. Their new recommendation was “a Hold” for GNK stock which previously was a “a Buy”.

Analyzing GNK’s Price Performance

On Wednesday, Genco Shipping & Trading Limited [NYSE: GNK] plunged -6.89% to $19.05. The stock’s lowest price that day was $18.885, but it reached a high of $20.13 in the same session. During the last five days, there has been a drop of approximately -9.84%. Over the course of the year, Genco Shipping & Trading Limited shares have jumped approximately 19.06%. Shares of the company reached a 52-week high of $27.15 on 06/06/22 and a 52-week low of $13.21 on 01/24/22. A 50-day SMA is recorded $22.97, while a 200-day SMA reached $19.11. Nevertheless, trading volume fell to 1.4 million shares from 0.9 million shares the previous day.

Support And Resistance Levels for Genco Shipping & Trading Limited (GNK)

According to the 24-hour chart, there is a support level at 18.58, which, if violated, would cause prices to drop to 18.11. In the upper region, resistance lies at 19.82. The next price resistance is at 20.60. RSI (Relative Strength Index) is 30.81 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.70, which suggests the price will decrease in the coming days. Percent R is at 98.00%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of Genco Shipping & Trading Limited (GNK)?

According to Fidelity Management & Research Co filings, the company currently owns 4,973,391 shares, which is about 11.81% of the total GNK shares outstanding. The investor’s shares have plunged by -667,770 from its previous 13-F filing of 5641161.0 shares. With the completion of the sale, Centerbridge Partners LP’s stake is now worth $115,255,721. BlackRock Fund Advisors reduced a -5.25% interest valued at $52.38 million while Dimensional Fund Advisors LP purchased a 164,117 stake. A total of -238,714 shares of Genco Shipping & Trading Limited were bought by SSgA Funds Management, Inc. during the quarter, and -121,426 were sold by Millennium Management LLC. In its current portfolio, Loomis, Sayles & Co. LP holds 994,044 shares valued at $25.1 million.

In terms of Genco Shipping & Trading Limited share price expectations, FactSet research, analysts set an average price target of $28.76 in the next 12 months, up nearly 38.32% from the previous closing price of $20.46. Analysts anticipate Genco Shipping & Trading Limited stock to reach $37.00 by 2022, with the lowest price target being $19.00. In spite of this, 7 analysts ranked Genco Shipping & Trading Limited stock as a Buy at the end of 2022. On January 03, 2019, Maxim Group assigned a price target of “a Buy” to the stock and initiated coverage with a $22.

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