Top Ships Inc. (TOPS), a global provider and owner of tanker vessels, expanded by over 43.92% in Friday’s trading session, a gain of $1.12 above the previous closing price. Shares reached the lowest point of $2.56 during the trading session, while $3.89 was the peak level achieved by the stock on the day. The trading volume for TOPS reported by finviz was seen to be 55.9 million. The share closed the session at $3.67.
What the company do?
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Concentrating on the transportation of clean and dirty petroleum products, bulk liquid chemicals, and bulk liquid oil, TOPS is an international owner company of modern, energy efficient tanker vessels. Based in the Marshall Islands, the company has been trading on the NASDAQ since July 2004 under the ticker “TOPS”.
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The company’s international reputation for operating and maintaining safe, reliable, and efficient vessels stems from its history as an international ocean transportation company. As part of its long-term strategy to grow the company’s fleet by acquiring new, resale, or second-hand vessels that are designed according to the company’s standards, the company continues to deliver and maintain higher levels of environmental performance.
Where did the surge come from?
The rise came in the absence of any relevant news that would have caused the stock price to rise. Hence, the only indirect cause for the surge in the stock price could be the recovery of trades across the world gradually resuming after the pandemic, which has also given a boost to maritime operations.