OceanPal (NASDAQ:OP) Trading Up 13.5% – Still a Buy?

OceanPal Inc. (NASDAQ:OP) was up 13.5% on Tuesday . The stock traded as high as $12.4799 and last traded at $12.10. Approximately 32,487 shares were traded during trading, a decline of 93% from the average daily volume of 454,017 shares. The stock had previously closed at $10.66.

OceanPal Trading Down 6.0%

The company has a market cap of $72.65 million, a price-to-earnings ratio of -0.16 and a beta of 1.16. The stock’s 50 day moving average price is $8.98 and its 200 day moving average price is $20.57.

Institutional Trading of OceanPal

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