Analyst Explains Why They Upgraded Their Rating on Eagle Bulk Shipping

In a report released today, James Jang from Maxim Group upgraded Eagle Bulk Shipping (NASDAQ: EGLE) to Buy, with a price target of $7.50. The company’s shares closed yesterday at $5.47.

Jang observed:

“Raising rating to Buy, from Hold as we expect Handymax asset values to further appreciate as global grain ton-mile demand expands through year-end.”

According to TipRanks.com, Jang is a 5-star analyst with an average return of 20.6% and a 51.7% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP, Nordic American Tanker, and Navigator Holdings.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Eagle Bulk Shipping with a $7.08 average price target.

See today’s analyst top recommended stocks >>

The company has a one-year high of $6.14 and a one-year low of $4.18. Currently, Eagle Bulk Shipping has an average volume of 374.5K.

Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Eagle Bulk Shipping, Inc. is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.