Shares of Rand Logistics, Inc. (NASDAQ:RLOG) dropped 10.7% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $0.25 and last traded at $0.25. Approximately 2,499,800 shares traded hands during mid-day trading, an increase of 121% from the average daily volume of 1,132,158 shares. The stock had previously closed at $0.28.
Specifically, Director Laurence S. Levy sold 134,121 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $0.29, for a total transaction of $38,895.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Laurence S. Levy sold 537,190 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $0.27, for a total value of $145,041.30. The disclosure for this sale can be found here. Insiders sold 1,174,034 shares of company stock valued at $324,949 in the last quarter. Corporate insiders own 13.10% of the company’s stock.
Separately, ValuEngine cut Rand Logistics from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 16th.
A hedge fund recently raised its stake in Rand Logistics stock. Renaissance Technologies LLC grew its holdings in shares of Rand Logistics, Inc. (NASDAQ:RLOG) by 11.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 166,700 shares of the shipping company’s stock after buying an additional 17,100 shares during the period. Renaissance Technologies LLC owned 0.90% of Rand Logistics worth $107,000 as of its most recent SEC filing. Institutional investors own 20.43% of the company’s stock.
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About Rand Logistics
Rand Logistics, Inc is a shipping company that, through its operating subsidiaries, is engaged in the operation of bulk carriers on the Great Lakes. The Company’s shipping business is operated in Canada by Lower Lakes Towing Ltd. (Lower Lakes Towing) and in the United States by Lower Lakes Transportation Company (Lower Lakes Transportation).
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