Star Bulk Carriers (NASDAQ:SBLK) Downgraded to Hold Rating by StockNews.com

Star Bulk Carriers (NASDAQ:SBLK) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

SBLK has been the subject of several other research reports. DNB Markets raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their price target for the stock from $19.30 to $20.20 in a research report on Thursday, November 21st. Stifel Nicolaus lowered Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price target for the company from $30.00 to $21.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $23.80.

Star Bulk Carriers Stock Performance

Shares of SBLK traded up $0.49 on Thursday, reaching $14.84. 1,828,763 shares of the stock traded hands, compared to its average volume of 2,001,640. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 5.01, a P/E/G ratio of 4.40 and a beta of 0.98. Star Bulk Carriers has a 12 month low of $14.30 and a 12 month high of $27.47. The stock’s 50-day moving average price is $16.13 and its 200-day moving average price is $19.60. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.69 and a quick ratio of 1.50.

Institutional Investors Weigh In On Star Bulk Carriers

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its position in shares of Star Bulk Carriers by 190.5% during the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after acquiring an additional 1,328 shares during the last quarter. Quarry LP increased its holdings in Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 673 shares during the last quarter. Sunbelt Securities Inc. acquired a new position in Star Bulk Carriers in the third quarter valued at about $57,000. Point72 DIFC Ltd acquired a new stake in Star Bulk Carriers during the 2nd quarter worth $72,000. Finally, AM Squared Ltd bought a new position in Star Bulk Carriers during the third quarter worth about $76,000. Institutional investors own 33.91% of the company’s stock.

About Star Bulk Carriers

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products. As of December 31, 2023, the company owned a fleet of 116 dry bulk vessels with combined carrying capacity of 13.1 million deadweight tonnage (dwt) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.