The stock of Top Ships Inc. (NASDAQ:TOPS) is now priced at $1.33 and the shares are 0.04 points up or 3.1% higher compared to its previous closing price of $1.29. The stock had 6.034 million contracts set over the past session. TOPS shares’ daily volume is compared to its average trading volume at 6.193 million shares. However, it has a float of 33.49 million and although its performance was -6.34% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the TOPS share price recently placing at $1.24 to $1.41. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are climbing into the Top Ships Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the TOPS shares have risen. Short interest in the stock represents just 1.77% of its float, but the volume has raised by 464533. The volume of shorted shares rised to 593197 from 128664 shares over the last two weeks. The average intraday trading volume has been 5.11 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Top Ships Inc. (NASDAQ:TOPS) dropped by -$0.09 over the week and lost -$1.175 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $242.75. The stock recorded its established 52-week high on 09/09/19.
Since 08/20/20, the stock has traded to a low of $1.01 at 31.68%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of -0.04. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Top Ships Inc.’s two-week RSI is 33.85. This suggests that the stock is neutral at the moment and that TOPS shares’ price movement remains stable. The stochastic readings are equally revealing at 32.07% meaning the TOPS share price is currently in neutral territory.
The technical chart shows that the TOPS stock will likely settle at between $1.4133 and $1.4967 per share. However, if the stock dips below $1.2433, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.1567.
Currently, the stock is trading in the red of MACD, with a reading of -0.04. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group cut their recommendation for TOPS from Buy to Hold in July 13 review. Maxim Group analysts see the stock as a Buy in a flash note released to investors on April 22 initiating covering the stock.
The average rating for the TOPS equity is 3 and is currently gathering a bullish momentum. Of 1 analysts tracking Top Ships Inc. polled by Reuters, 1 rated TOPS as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.