Robin Energy Ltd (NASDAQ:RBNE) shares continued their upward trajectory during Thursday's premarket session. The move follows a volatile week for the energy transportation provider.

Short Interest Spikes Significantly

Short interest in Robin Energy climbed from 314,620 to 856,160 shares during the last reporting period. This surge means 12.66% of the company's float is now held short.

Board Authorizes $3 Million Buyback

The company is executing a strategic tender offer. Robin Energy announced on Tuesday it will purchase up to 1,000,000 shares of its common stock. The company set the purchase price at $3.00 per share.

The board determined the buyback is in the company’s best interest. Robin Energy recently reported $2.6 million in cash and $53 million in long-term assets. The tender offer remains open for one month unless the company extends it.

Technical Analysis

RBNE is trading 24.6% above its 20-day simple moving average (SMA), but 26.9% below its 100-day SMA, showing a short-term rebound attempt that still hasn't repaired the intermediate trend.

Shares are down 89.91% over the past 12 months and are positioned much closer to their 52-week low of $1.05 than their 52-week high of $102.85.

Momentum gauges are trying to improve: RSI is at 48.92, which sits in neutral territory rather than oversold. MACD is at -0.5195 versus a signal line at -0.5801.

  • Key Resistance: $3.50
  • Key Support: $2.50

RBNE Price Action: Robin Energy shares were up 18.10% at $2.74 during premarket trading on Thursday. The stock is trading near its 52-week low of $1.05, according to Benzinga Pro data.

Image via Shutterstock