Top Ships Inc (TOPS) Shares on the Rise Following Positive Financial Statements

Top Ships Inc (NASDAQ:TOPS) investors are overwhelmingly excited today after the company filed its unaudited financial results for the year ended December 31, 2016, showing healthy growth in revenue and reduction in operating loss.

The Athens-based shipping company reported a net loss of ($0.09) per diluted share, compared to ($4.21) in the previous year, while revenues of $28.43 million increased 117% year over year (from $13.07 million).

As of Dec 31, 2016, Top Ships had cash and cash equivalents of $127,000, compared with $2.67 million a year ago.

Top Ships shares reacted to the earnings release, jumping nearly 23% to $3.70, as of this writing. TOPS has a 1-year high of $8.40 and a 1-year low of $1.45. The stock’s 50-day moving average is $2.27 and its 200-day moving average is $3.20.

Top Ships, Inc. is an international ship-owning company, which owns and operates tanker vessels focusing on the transportation of petroleum products. It primarily engages in the worldwide transportation of liquid and petroleum cargoes and dry bulk cargoes through its ownership of tankers and bulk carriers. The company was founded by Evangelos J. Pistiolis on January 10, 2000 and is headquartered in Maroussi, Greece.

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