Himalaya Shipping (NYSE:HSHP) Shares Gap Down – Time to Sell?

Shares of Himalaya Shipping Ltd. (NYSE:HSHP) gapped down prior to trading on Friday . The stock had previously closed at $15.12, but opened at $14.23. Himalaya Shipping shares last traded at $14.0970, with a volume of 292,373 shares trading hands.

Analysts Set New Price Targets

HSHP has been the topic of several research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Himalaya Shipping in a report on Thursday, January 22nd. Wall Street Zen upgraded Himalaya Shipping from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold”.

Himalaya Shipping Trading Down 5.7%

The company has a 50-day moving average price of $13.97 and a 200-day moving average price of $11.43. The firm has a market capitalization of $665.46 million, a price-to-earnings ratio of 37.53 and a beta of 1.38. The company has a debt-to-equity ratio of 4.12, a quick ratio of 1.08 and a current ratio of 1.08.

Himalaya Shipping Increases Dividend

The company also recently announced a dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, May 19th will be given a $0.15 dividend. This is a boost from Himalaya Shipping’s previous dividend of $0.06. The ex-dividend date of this dividend is Monday, May 18th.

Insider Activity

In related news, Director Bjorn Andreas Freng Isaksen sold 300,000 shares of the company’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $13.40, for a total value of $4,020,000.00. Following the completion of the sale, the director directly owned 280,000 shares of the company’s stock, valued at $3,752,000. This represents a 51.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Trading of Himalaya Shipping

A number of large investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in Himalaya Shipping by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 356,350 shares of the company’s stock worth $2,056,000 after acquiring an additional 11,828 shares during the period. Creative Planning purchased a new position in shares of Himalaya Shipping during the 2nd quarter worth approximately $108,000. Rhumbline Advisers raised its stake in shares of Himalaya Shipping by 42.4% during the 2nd quarter. Rhumbline Advisers now owns 56,260 shares of the company’s stock worth $325,000 after buying an additional 16,747 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Himalaya Shipping by 28.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 158,189 shares of the company’s stock worth $913,000 after buying an additional 34,758 shares in the last quarter. Finally, Sei Investments Co. purchased a new position in shares of Himalaya Shipping during the 2nd quarter worth approximately $107,000. 22.33% of the stock is owned by institutional investors and hedge funds.

About Himalaya Shipping

Himalaya Shipping Ltd. provides dry bulk shipping services worldwide. The company operates a fleet of vessels. It serves major commodity trading, commodity and energy transition, and multi-modal transport companies. Himalaya Shipping Ltd. was incorporated in 2021 and is based in Hamilton, Bermuda.