Genco Shipping & Trading Limited (GNK) may enjoy gains as insiders got busy in the recent days


Genco Shipping & Trading Limited’s filing revealed that its CEO, President, and Secretary WOBENSMITH JOHN C unloaded Company’s shares for reported $0.27 million on Feb 27. In the deal valued at $19.40 per share,14,164 shares were sold. As a result of this transaction, WOBENSMITH JOHN C now holds 431,024 shares worth roughly $ 7.31 million.

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Then, Zafolias Apostolos sold 2,266 shares, generating $43,943 in total proceeds. Upon selling the shares at $19.39, the Chief Financial Officer now owns 23,152 shares.

Before that, Hughes Robert E sold 1,888 shares. Genco Shipping & Trading Limited shares valued at $36,605 were divested by the Chief Operations Officer at a price of $19.39 per share. As a result of the transaction, Hughes Robert E now holds 5,576 shares, worth roughly $94568.96.

Stifel initiated its Genco Shipping & Trading Limited [GNK] rating to a Buy in a research note published on Friday, September 30, 2022; the price target was $20. PT values the company’s stock at a premium of 15.2 to its Friday closing price. A number of analysts have revised their coverage, including Alliance Global Partners’s analysts, who began to cover the stock in early August with a ‘”a Buy”‘ rating. Jefferies began covering GNK with “Buy” recommendation on July 21, 2022.

Price Performance Review of GNK

On Friday, Genco Shipping & Trading Limited [NYSE:GNK] saw its stock fall -1.40% to $16.96. On the same session, the stock had its day’s lowest price of $16.79, but rose to a high of $17.53. Over the last five days, the stock has lost -13.38%. Genco Shipping & Trading Limited shares have risen nearly 10.42% since the year began. Nevertheless, the stocks have fallen -17.67% over the past one year. While a 52-week high of $27.15 was reached on 02/24/23, a 52-week low of $11.92 was recorded on 01/04/23. SMA at 50 days reached $17.46, while 200 days put it at $16.69. A total of 1.22 million shares were traded, compared to the trading of 1.39 million shares in the previous session.

Levels Of Support And Resistance For GNK Stock

The 24-hour chart illustrates a support level at 16.66, which if violated will result in even more drops to 16.35. On the upside, there is a resistance level at 17.40. A further resistance level may holdings at 17.83. The Relative Strength Index (RSI) on the 14-day chart is 38.29, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.17, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 94.43%. Stochastics %K at 11.28% indicates the stock is a buying.

How much short interest is there in Genco Shipping & Trading Limited?

A steep rise in short interest was recorded in Genco Shipping & Trading Limited stocks on Jan 12, 2023, growing by 0.61 million shares to a total of 2.51 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 1.9 million shares. There was a rise of 24.3%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 8.12% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.1.

Genco Shipping & Trading Limited [GNK] – Who Are The Largest Shareholders?

In filings from Dimensional Fund Advisors LP, it is revealed that the company now owns 2,710,989 shares, or roughly 6.41% of the outstanding GNK shares. In other words, the investor’s shares have risen by 53,834 from its previous 13-F filing of 2657155.0. Additionally, BlackRock Fund Advisors increased 2.56% of its stake after which the total value it holdings stand at $48,829,646, while SSgA Funds Management, Inc. reduced -8.10% of its stake to hold $27.09 million in the firm. Over the last quarter, Renaissance Technologies LLC purchased 385,122 shares of Genco Shipping & Trading Limited, while The Vanguard Group, Inc. bought 1,198 shares. At present, Loomis, Sayles & Co. LP is holding 727,445 shares valued at $13.86 million. Centerbridge Partners LP owned 722,054 shares of the company at the time of its most recent 13F filing, worth $13.76 million.

According to FactSet, Genco Shipping & Trading Limited’s share price will average $23.57 in the next year, based on opinions of analysts polled by the firm. This is up nearly 33.72 percent from its previous closing price of $17.20. Analysts expect Genco Shipping & Trading Limited stock to reach the higher price of $28.00, while the lowest price estimate is $17.70. However, 9 analysts have rated GNK stock as a Buy in their predictions for 2023. The most recent change occurred on September 13, 2021 when H.C. Wainwright began covering the stock and recommended ‘”a Buy”‘ rating along with a $30 price target.


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