Scorpio Bulkers Inc (NYSE:SALT) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 3,156,200 shares, an increase of 10.1% from the May 30th total of 2,867,000 shares. Approximately 5.5% of the shares of the company are sold short. Based on an average trading volume of 435,800 shares, the days-to-cover ratio is currently 7.2 days.
Institutional investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA lifted its holdings in shares of Scorpio Bulkers by 451.4% during the first quarter. BNP Paribas Arbitrage SA now owns 11,354 shares of the shipping company’s stock worth $44,000 after purchasing an additional 9,295 shares during the period. SG Americas Securities LLC acquired a new position in Scorpio Bulkers in the first quarter valued at $46,000. Moors & Cabot Inc. acquired a new position in Scorpio Bulkers in the first quarter valued at $56,000. Sippican Capital Advisors lifted its holdings in Scorpio Bulkers by 14.4% in the first quarter. Sippican Capital Advisors now owns 27,630 shares of the shipping company’s stock valued at $106,000 after buying an additional 3,485 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Scorpio Bulkers in the second quarter valued at $152,000. Hedge funds and other institutional investors own 36.82% of the company’s stock.
Shares of Scorpio Bulkers stock opened at $6.03 on Tuesday. Scorpio Bulkers has a fifty-two week low of $3.57 and a fifty-two week high of $7.55. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market capitalization of $438.72 million, a price-to-earnings ratio of -201.00 and a beta of 2.32. The company has a 50 day moving average of $4.75.
Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Monday, April 29th. The shipping company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.24. Scorpio Bulkers had a negative net margin of 4.36% and a positive return on equity of 0.92%. The firm had revenue of $50.40 million for the quarter, compared to analyst estimates of $49.25 million. During the same quarter last year, the business posted ($0.08) earnings per share. The company’s quarterly revenue was down 7.2% on a year-over-year basis. Research analysts expect that Scorpio Bulkers will post -0.54 earnings per share for the current year.
SALT has been the topic of several recent research reports. BTIG Research raised their target price on shares of Scorpio Bulkers to $9.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. B. Riley reissued a “neutral” rating on shares of New York Community Bancorp in a research note on Wednesday, April 10th. Zacks Investment Research raised shares of HB Fuller from a “sell” rating to a “hold” rating in a research note on Wednesday, July 3rd. Noble Financial set a $9.00 price objective on shares of Scorpio Bulkers and gave the company a “buy” rating in a research note on Friday, April 12th. Finally, ValuEngine raised shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $8.96.
Scorpio Bulkers Company Profile
Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers worldwide. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers. The company owns and operates 55 vessels, including 54 wholly-owned or finance leased drybulk vessels comprising 17 Kamsarmax vessels and 37 Ultramax vessels; and 1 time chartered-in Ultramax vessel.
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