The stock of Seaspan Corporation (NYSE:SSW) hit a new 52-week low and has $8.90 target or 6.00% below today’s $9.47 share price. The 8 months bearish chart indicates high risk for the $999.79 million company. The 1-year low was reported on Nov, 7 by Barchart.com. If the $8.90 price target is reached, the company will be worth $59.99M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 2,700 shares traded hands. Seaspan Corporation (NYSE:SSW) has declined 44.27% since April 5, 2016 and is downtrending. It has underperformed by 46.23% the S&P500.
Seaspan Corporation (NYSE:SSW) Ratings Coverage
Out of 5 analysts covering Seaspan (NYSE:SSW), 0 rate it a “Buy”, 3 “Sell”, while 2 “Hold”. This means 0 are positive. Seaspan has been the topic of 6 analyst reports since September 18, 2015 according to StockzIntelligence Inc. On Friday, April 1 the stock rating was downgraded by Barclays Capital to “Underweight”. The rating was initiated by JP Morgan on Friday, December 18 with “Underweight”. The stock of Seaspan Corporation (NYSE:SSW) earned “Sell” rating by Citigroup on Thursday, November 3. The rating was downgraded by Wells Fargo to “Market Perform” on Friday, November 20. The firm has “Hold” rating given on Friday, September 18 by BB&T Capital. On Monday, January 11 the stock rating was downgraded by Barclays Capital to “Equal Weight”.
According to Zacks Investment Research, “Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters.”
More notable recent Seaspan Corporation (NYSE:SSW) news were published by: Seekingalpha.com which released: “Seaspan Corporation – Industry Uncertainty And Analyst Downgrades. What’s Next …” on November 06, 2016, also Fool.com with their article: “Seaspan Corporation’s Earnings Stay Afloat Despite Customer Bankruptcy” published on November 01, 2016, Fool.com published: “Seaspan Corporation in 6 Charts” on September 23, 2016. More interesting news about Seaspan Corporation (NYSE:SSW) were released by: Fool.com and their article: “Better Buy: Seaspan Corporation vs. Navios Maritime Midstream Partners LP” published on October 19, 2016 as well as Fool.com‘s news article titled: “Seaspan Corporation: One Risk to Watch Closely” with publication date: June 02, 2016.
SSW Company Profile
Seaspan Corporation, incorporated on May 3, 2005, is an independent charter owner and manager of containerships. The Firm charters pursuant to long-term, fixed-rate time charters with various container liner companies. The Firm operates a fleet of approximately 90 containerships. The Company’s operating vessels include YM Wish, YM Wellhead, YM Witness, COSCO Glory, MOL Emissary, MOL Efficiency, CSCL Brisbane, Jakarta Express, CSCL Manzanillo and Guayaquil Bridge.
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