Long Position on GNK @ $19.00 on 3/16/2022 (Fundamentals)

Genco Shipping & Trading Limited (GNK) engages in the ocean transportation of dry bulk cargoes worldwide. 

The company, through the ownership and operation of dry bulk carrier vessels, transports iron ore, coal, grains, steel products, and other dry-bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.

As of February 24, 2021, the company fleet consisted of 17 Capesize, 9 Ultramax, and 15 Supramax with an aggregate capacity of approximately 4,421,000 deadweight tons.

On Febryuary 1st, Genco Shipping reported Quarter December 2021 earnings of $1.99 per share on revenue of $183.3 million. The consensus earnings estimate was $1.89 per share on revenue of $142.2 million. Revenue grew 91.9% on a year-over-year basis.

Shares are heading higher in an upward trading channel, currently at the lower boundary of the said channel. Higher share prices are expected for this stock.

Entry Point: $19.00

Stop Loss: $15:20

Trading Range: $9.78 to $22.00

Target Price: $21.00

Updates

3/21/2022 10:50:44 AM

GNK closed at $21.45

Position closed on 3/21/2022 at price of $21.45 with a 12.89% gain in 5 days.

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