Cleaves Securities Thinks Star Bulk Carriers’ Stock is Going to Recover


Cleaves Securities analyst Joakim Hannisdahl maintained a Buy rating on Star Bulk Carriers (SBLK) on April 11 and set a price target of $9.00. The company’s shares closed last Thursday at $5.93, close to its 52-week low of $4.77.

According to TipRanks.com, Hannisdahl has 0 stars on 0-5 star ranking scale with an average return of -7.5% and a 37.3% success rate. Hannisdahl covers the Services sector, focusing on stocks such as Nordic American Tanker, Eagle Bulk Shipping, and Golden Ocean Group.

Currently, the analyst consensus on Star Bulk Carriers is a Strong Buy with an average price target of $9.85, implying a 62.8% upside from current levels. In a report issued on April 14, Pareto also upgraded the stock to Buy with a $9.00 price target.

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Based on Star Bulk Carriers’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $249 million and net profit of $23.5 million. In comparison, last year the company earned revenue of $209 million and had a net profit of $11.72 million.

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Star Bulk Carriers Corp. is a holding company, which engages in the provision of seaborne transportation solutions in the dry bulk sector. It ships iron ore, coal and grain, bauxite, fertilizers, and steel products. The company was founded by Petros Alexandros Pappas on December 13, 2006 and is headquartered in Athens, Greece.

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