Home Top Movers Why did Pyxis Tankers Inc. (PXS) stock sink on Friday?

Why did Pyxis Tankers Inc. (PXS) stock sink on Friday?

Pyxis Tankers Inc. (PXS) shares plunged 6.17% to trade at $0.76 in the after-market on Friday, May 14, 2021. Earlier, PXS’s stock lost 3.47% to close Friday’s session at $0.81. PXS shares have fallen 19.80% over the last 12 months, and they have moved down only 0.01% in the past week. Over the past three months, the stock has plummeted 47.06%, while over the past six months, it has shed 3.46%.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Recent Business activities

Acquiring modern product tanker

On April 29, 2021, Pyxis Tankers Inc entered into a definitive agreement with an unaffiliated third party to purchase a medium-range product tanker of approximately 47,000 dwt for$20 million, which was built in 2013 at Hyundai Mipo shipyard in South Korea.

5 Stocks Under $10 That Are Poised to Take Off

Investing in stocks under $10 could significantly increase the returns on your portfolio, especially if you pick the right stocks! Within this report you will find 5 top stocks that offer investors huge upside potential and the best bang for their buck.

Add them to your watchlist before they take off!

Get the Top 5 Stocks Now!

Sponsored

Read More

The acquisition will be completed during the summer of 2021.

Refinancing of modern product tanker

On March 30, 2021, Pyxis Tankers Inc completed the refinancing of a previous loan facility secured by the Pyxis Epsilon with a $17 million loan which has an interest rate of Libor plus 3.35% and is repayable over 5 years.

Financial results announcement

On March 24, 2021, Pyxis Tankers reported its unaudited financial results for the three months and year ended December 31, 2020.

Q4 financial highlights

  • Pyxis Tankers reported a net loss to common shareholders of $2.7 million in Q4 2020, compared to a $3.6 million loss in the same period in 2019.
  • Q4 2020 net revenue was $4.5 million compared to $7.3 million in Q4 2019.
  • General and administrative expenses of $0.6 million for the fourth quarter, 2020 remained stable compared to 2019.
  • Q4 2020 adjusted EBITDA was negative $0.2 million compared to $1.9 million in the same period of 2019. 

FY 2020 financial highlights

  • Pyxis Tankers reported a net loss of $7.0 million or loss per share basic and diluted share of $0.32 in FY 2020 compared to a net loss of $8.3 million with a loss per share basic and diluted of $0.39 in 2019.
  • PXS reported net revenue of $21.7 million for the year ended December 31, 2020, compared to $27.8 million in the year 2019.
  • FY 2020 adjusted EBITDA was $2.7 million compared to $5.8 million for the same period in 2019.
  • General and administrative expenses of $2.4 million for the year ended December 31, 2020, remained flat compared to 2019.

Closing private placement of common stock

The company announced on February 24 2021 that it has closed its previously announced definitive securities purchase agreements with a group of investors, which resulted in gross proceeds to Pyxis Tankers of $25.0 million. The revenue from the sales will be used for the repayment of outstanding indebtedness and potential vessel acquisitions.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Conclusion

The Pyxis Tankers loss on Friday is a bit strange because there is no recent news behind its loss. We hope that PXS will commence the new week with positivity.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

Aprea Therapeutics Inc. (APRE) stock soars during current market trading. What’s the update?

Aprea Therapeutics Inc. (NASDAQ: APRE) stock gained by 41.03% at the last check in the current market trading. Aprea Therapeutics is a pharmaceutical business...

Roblox Corp. (NASDAQ: RBLX) stock falls during pre-market trading session. What’s happening?

Roblox Corp. (NASDAQ: RBLX) stock gained by 2.28% at last close while the RBLX stock price declines by 8.13% in the pre-market trading session....

Can-Fite BioPharma Inc. (CANF) stock soars during current market. Why so?

Can-Fite BioPharma Inc. (NASDAQ: CANF) stock gained by 4.42% in the current market trading session. Can-Fite BioPharma Ltd. is a medication research company in...

UXIN stock surges during current market. Here’s to know why?

Uxin Ltd. (NASDAQ: UXIN) stock gains by 14.67% at last check during current market trading. In China, Uxin Limited is a prominent online used...

Opgen Inc. (OPGN) stock surged during pre-market session. What’s driving it high?

Opgen Inc. (NASDAQ: OPGN) stock declined by 1.84% at the last close whereas the OPGN stock price gains by 22.07% in the pre-market trading...

Aprea Therapeutics Inc. (APRE) stock soars during current market trading. What’s the update?

Aprea Therapeutics Inc. (NASDAQ: APRE) stock gained by 41.03% at the last check in the current market trading. Aprea Therapeutics is a pharmaceutical business...

TAL Education Group (TAL) stock is tumbling today: What’s Going on?

Shares of the TAL Education Group (TAL) stock were tumbling in the current market trading session today on June 16, 2021, without any obvious...

SPI Energy Inc. (SPI) stock surged in the current market trading. Here’s the update

SPI Energy Inc. (NASDAQ: SPI) stock soars by 15.42% during the current market trading session. SPI Energy is an international renewable energy company that...

Related News

Applied UV, Inc. (AUVI) stock is Popping High today: Here’s to know why

Applied UV, Inc. (AUVI) stock announced today that its SteriLumen Lumicide™ Ribbon which is its proprietary connected UVC disinfection platform for surface disinfection can...

TAL Education Group (TAL) stock is tumbling today: What’s Going on?

Shares of the TAL Education Group (TAL) stock were tumbling in the current market trading session today on June 16, 2021, without any obvious...

Why Kindred Biosciences, Inc. (KIN) stock is soaring today?

Shares of the Kindred Biosciences, Inc. (KIN) stock continuing the rising trend in pre-market today on June 16, 2021, following the announcement of the...

Ampio Pharmaceuticals Inc. (AMPE) stock fell during pre-market trading. Here’s to know why?

Ampio Pharmaceuticals Inc. (NASDAQ: AMPE) stock gained by 4.71% at last close whereas the AMPE stock price declines by 2.65% in the pre-market trading...

Aptinyx Inc. (APTX) stock fell during after-hour. Here’s to know why?

Aptinyx Inc. (NASDAQ: APTX) stock declined by 0.29% at last close while the APTX stock price has been observed falling more during the after-hour...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.

Get Notified Of Insider Trades, Analyst Upgrades & Downgrades, Earnings Updates & Best Stocks To Trade Every Single Morning

100% free. stop anytime no spam