Grindrod Shipping (NASDAQ:GRIN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday, Zacks.com reports. The brokerage currently has a $9.25 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.60% from the company’s previous close.
According to Zacks, “Grindrod Shipping Holdings Ltd. owns and operates a diversified fleet of owned, long-term chartered-in and joint-venture owned drybulk and liquid-bulk vessels. The drybulk business operates under the brand Island View Shipping includes handysize drybulk carriers and supramax drybulk carriers. The liquid-bulk business, operates under the brand Unicorn Shipping includes a fleet of Medium Range product tankers and small tankers. It operates primarily in London, Durban, Cape Town, Tokyo and Rotterdam. Grindrod Shipping Holdings Ltd. is based in Singapore. “
Grindrod Shipping stock opened at $8.44 on Monday. The stock has a market capitalization of $160.87 million, a P/E ratio of -7.60 and a beta of 0.94. The company’s fifty day moving average price is $7.36 and its 200 day moving average price is $5.36. Grindrod Shipping has a 1 year low of $2.18 and a 1 year high of $8.76.
Grindrod Shipping Holdings Ltd., an international shipping company, owns, charters-in, and operates a fleet of dry bulk carriers and tankers worldwide. It operates a fleet of 25 owned dry bulk carriers and six -term chartered-in dry bulk carriers that transport a range of bulk and breakbulk commodities, including ores, coal, grains, forestry products, steel products, and fertilizers.
Read More: Stock Market – What is a circuit breaker?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Grindrod Shipping Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Grindrod Shipping and related companies with MarketBeat.com's FREE daily email newsletter.