Top Ships Inc(TOPS) skyrockets upon good news
TOP SHIPS Inc(TOPS) currently trades at $0.57 and has grown by 141% in the past 24 hours. TOP SHIPS expects to conclude the sale of its second 50% owned vessel (also previously announced) within the second week of April. Depending on the exact date that the sale takes place and on prevailing USD Swap rates at the time of closing, the Company estimates that the cash release from that sale will also result in a cash release of about $10 million.
Based on this information, investorsQ rates this stock a 6 out of 10. We give it this rating because TOPS also announced that on March 27, 2020 the Equity Distribution Agreement with Maxim Group LLC (the “ATM”) stated that the Company entered into on March 11, 2020 was completed. The high forecast for TOP SHIPS Inc is $1.50 and the low is $1.00. Notably, the company’s market cap is $14.42 million with a 52 week high of $16.80 and a 52 week low of $0.07.