OceanPal (NASDAQ:OP) Stock Price Up 1.4% – Here’s Why

OceanPal Inc. (NASDAQ:OP) shares shot up 1.4% on Thursday . The stock traded as high as $8.41 and last traded at $8.15. 3,026 shares traded hands during trading, a decline of 100% from the average daily volume of 12,412,086 shares. The stock had previously closed at $8.04.

OceanPal Stock Up 1.4%

The firm has a market cap of $54.57 million, a P/E ratio of -0.12 and a beta of 1.16. The business’s 50 day moving average is $9.14 and its two-hundred day moving average is $11.80.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in OceanPal stock. Citadel Advisors LLC bought a new stake in shares of OceanPal Inc. (NASDAQ:OP) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,841 shares of the company’s stock, valued at approximately $28,000. Citadel Advisors LLC owned approximately 0.34% of OceanPal at the end of the most recent reporting period.

About OceanPal

OceanPal Inc (NASDAQ: OP) is a Bermuda‐incorporated shipping company focused on the ownership and operation of modern crude oil tankers on a long‐term time charter basis. The company’s fleet includes both very large crude carriers (VLCCs) and Suezmax vessels, constructed at leading shipyards and maintained to high technical and safety standards. By securing multi‐year charter agreements with major oil producers and trading houses, OceanPal aims to generate stable revenue streams and enhance predictability of cash flows.

The origins of OceanPal trace back to General Maritime Corp., which was established in 2005 and listed on the NASDAQ.