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 $28,478 were sold by Adamo Joseph on Feb 29 ’24. At $20.40 per share, Adamo Joseph sold 1,396 shares. The insider’s holdings dropped to 17,994 shares worth approximately $0.38 million following the completion of this transaction.
Also, WOBENSMITH JOHN C sold 35,660 shares, netting a total of over 706,015 in proceeds. Following the sale of shares at $19.80 each, the insider now holds 466,684 shares.
Before that, Christensen Jesper had sold 12,404 shares from its account. In a trade valued at $245,636, the Chief Commercial Officer traded Genco Shipping & Trading Limited shares for $19.80 each. Upon closing the transaction, the insider’s holdings decreased to 12,404 shares, worth approximately $0.89 million.
As published in a research note from BTIG Research on January 05, 2024, Genco Shipping & Trading Limited [GNK] has been rated down from a Buy to a Neutral. Analysts at Stifel started covering the stock with ‘”a Buy”‘ outlook in a report released in late September. As of August 03, 2022, Alliance Global Partners has initiated its “Buy” rating for GNK. Earlier on July 21, 2022, Jefferies initiated its rating. Their recommendation was “a Buy” for GNK stock.
Analyzing GNK Stock Performance
During the last five days, there has been a surge of approximately 1.95%. Over the course of the year, Genco Shipping & Trading Limited shares have jumped approximately 26.28%. Shares of the company reached a 52-week high of $21.24 on 03/13/24 and a 52-week low of $15.66 on 01/11/24. A 50-day SMA is recorded $19.54, while a 200-day SMA reached $15.76. Nevertheless, trading volume fell to 0.63 million shares from 0.64 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 20.76, which, if violated, would cause prices to drop to 20.56. In the upper region, resistance lies at 21.18. The next price resistance is at 21.40. RSI (Relative Strength Index) is 59.65 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.24, which suggests the price will decrease in the coming days. Percent R is at 16.46%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Genco Shipping & Trading Limited subject to short interest?
Stocks of Genco Shipping & Trading Limited saw a sharp rise in short interest on Mar 15, 2024 jumping by 30000.0 shares to 1.16 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 1.13 million shares. A jump of 2.59% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.4 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.4.
