Noble Financial Believes Eagle Bulk Shipping (NASDAQ: EGLE) Won’t Stop Here

Noble Financial analyst Poe Fratt maintained a Buy rating on Eagle Bulk Shipping (EGLEResearch Report) today and set a price target of $65.00. The company’s shares closed last Friday at $48.49, close to its 52-week high of $50.00.

According to TipRanks.com, Fratt is a top 100 analyst with an average return of 48.6% and a 56.7% success rate. Fratt covers the Industrial Goods sector, focusing on stocks such as Energy Services of America, Grindrod Shipping Holdings, and Great Lakes Dredge & Dock.

Currently, the analyst consensus on Eagle Bulk Shipping is a Strong Buy with an average price target of $57.00, implying a 24.2% upside from current levels. In a report issued on April 26, Jefferies also maintained a Buy rating on the stock with a $55.00 price target.

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The company has a one-year high of $50.00 and a one-year low of $8.89. Currently, Eagle Bulk Shipping has an average volume of 140.7K.

Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EGLE in relation to earlier this year.

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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. The company was founded by Sophocles N. Zoullas on March 23, 2005 and is headquartered in Stamford, CT.