Noteworthy Price Action: Is Selling Eagle Bulk Shipping Inc Here a Winning Strategy?

Noteworthy Price Action: Is Selling Eagle Bulk Shipping Inc Here a Winning Strategy?

The stock of Eagle Bulk Shipping Inc (NASDAQ:EGLE) reached all time low today, Oct, 31 and still has $3.64 target or 12.00% below today’s $4.14 share price. This indicates more downside for the $201.70 million company. This technical setup was reported by Barchart.com. If the $3.64 PT is reached, the company will be worth $24.20M less.
Trading stocks at an all time low is not easy. Stock at an all time low usually experience even more downside due to very negative fundament. Even thought the pullback rate is high, shorting is not an easy job because the risk of being wrong is big and the risk-reward ratio is always worse than if trading lon only. About 41,193 shares traded hands. Eagle Bulk Shipping Inc (NASDAQ:EGLE) has declined 69.64% since March 29, 2016 and is downtrending. It has underperformed by 73.11% the S&P500.

Analysts await Eagle Bulk Shipping Inc (NASDAQ:EGLE) to report earnings on November, 21.

According to Zacks Investment Research, “Eagle Bulk Shipping is the largest U.S. based owner of Handymax dry bulk vessels. Handymax dry bulk vessels range in size from 35,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.”

Insitutional Activity: The institutional sentiment decreased to 0.5 in Q2 2016. Its down 0.24, from 0.74 in 2016Q1. The ratio is negative, as 20 funds sold all Eagle Bulk Shipping Inc shares owned while 8 reduced positions. 5 funds bought stakes while 9 increased positions. They now own 26.94 million shares or 13.39% less from 31.11 million shares in 2016Q1.
New York State Common Retirement Fund has 0% invested in the company for 20,300 shares. Oakworth Capital holds 0% or 2 shares in its portfolio. Morgan Stanley has 0% invested in the company for 5,088 shares. Credit Suisse Ag has invested 0% of its portfolio in Eagle Bulk Shipping Inc (NASDAQ:EGLE). Paloma Prtnrs Mgmt Co last reported 70,623 shares in the company. Creative Planning reported 12 shares or 0% of all its holdings. Jpmorgan Chase last reported 24,921 shares in the company. Us Commercial Bank De, a Minnesota-based fund reported 5 shares. Goldentree Asset Ltd Partnership last reported 0.52% of its portfolio in the stock. Kcg has invested 0% of its portfolio in Eagle Bulk Shipping Inc (NASDAQ:EGLE). Barclays Public Ltd last reported 2,222 shares in the company. Blackrock Institutional Na, a California-based fund reported 95,876 shares. Geode Cap Management Ltd Limited Liability Company holds 0% of its portfolio in Eagle Bulk Shipping Inc (NASDAQ:EGLE) for 14,643 shares. Vanguard Group last reported 787,259 shares in the company. Franklin has 0% invested in the company for 870,767 shares.

Insider Transactions: Since August 10, 2016, the stock had 1 buy, and 0 selling transactions for $13.16 million net activity. Another trade for 4.39 million shares valued at $13.16 million was made by GOLDENTREE ASSET MANAGEMENT LP on Wednesday, August 10.

More notable recent Eagle Bulk Shipping Inc (NASDAQ:EGLE) news were published by: Prnewswire.com which released: “Eagle Bulk Shipping Inc. Announces $85.0 Million Private Placement of Common Stock” on July 05, 2016, also Prnewswire.com with their article: “Eagle Bulk Shipping, Inc. Announces Comprehensive Balance Sheet Recapitalization” published on March 30, 2016, Prnewswire.com published: “Eagle Bulk Shipping Inc. Announces Closing of $88.0 Million Private Placement …” on August 10, 2016. More interesting news about Eagle Bulk Shipping Inc (NASDAQ:EGLE) were released by: Prnewswire.com and their article: “Eagle Bulk Shipping Inc. Reports First Quarter 2016 Results” published on May 10, 2016 as well as Prnewswire.com‘s news article titled: “Eagle Bulk Shipping Inc. Announces Reverse Stock Split” with publication date: August 05, 2016.

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