Jefferies Financial Group Reiterates Buy Rating for Star Bulk Carriers (NASDAQ:SBLK)

Star Bulk Carriers (NASDAQ:SBLK)‘s stock had its “buy” rating reissued by research analysts at Jefferies Financial Group in a research report issued on Wednesday,Benzinga reports. They currently have a $28.00 price objective on the shipping company’s stock. Jefferies Financial Group’s price objective points to a potential upside of 39.79% from the company’s current price.

SBLK has been the subject of several other reports. DNB Markets downgraded shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft began coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target for the company. StockNews.com lowered Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price objective for the company from $30.00 to $21.00 in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.00.

Star Bulk Carriers Stock Performance

Shares of Star Bulk Carriers stock opened at $20.03 on Wednesday. Star Bulk Carriers has a one year low of $18.92 and a one year high of $27.47. The company has a market capitalization of $1.68 billion, a PE ratio of 7.36 and a beta of 1.00. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.34 and a current ratio of 1.51. The company has a 50-day simple moving average of $20.83 and a two-hundred day simple moving average of $22.69.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SBLK. Philosophy Capital Management LLC purchased a new stake in Star Bulk Carriers in the third quarter valued at approximately $24,842,000. Bank of New York Mellon Corp purchased a new stake in shares of Star Bulk Carriers in the 2nd quarter valued at $23,212,000. Millennium Management LLC boosted its holdings in shares of Star Bulk Carriers by 335.4% in the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock valued at $29,774,000 after acquiring an additional 940,745 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Star Bulk Carriers by 101.8% in the second quarter. Marshall Wace LLP now owns 1,791,426 shares of the shipping company’s stock worth $43,675,000 after acquiring an additional 903,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Star Bulk Carriers during the third quarter worth $17,137,000. 33.91% of the stock is owned by institutional investors and hedge funds.

About Star Bulk Carriers

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products. As of December 31, 2023, the company owned a fleet of 116 dry bulk vessels with combined carrying capacity of 13.1 million deadweight tonnage (dwt) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.