TOP Ships (TOPS) Stock Rockets 67% After-Hours: Why Is It Moving?

TOP Ships Inc. (NYSEAMERICAN: TOPS) shares are trending on Tuesday.

Shares of the Greece-based maritime shipping company rallied 67.13% to $1.20 after the bell on Monday.

In the regular session, TOPS edged 0.84% higher to $0.72, according to Benzinga Pro data.

Dilution Drives Ownership Changes

The stock move came alongside a Securities and Exchange Commission filing showing changes to insider ownership stakes.

TOP Ships disclosed a decrease in beneficial ownership by CEO Evangelos J. Pistiolis, Marshall Islands-based Family Trading Inc. and the 3 Sororibus Trust. The Trust owns Family Trading, with both entities benefiting Pistiolis’ family. Pistiolis also holds shares directly and separately.

The reduced stake followed the issuance of new shares. This included 191,184 shares sold through an at-the-market program with Maxim Group LLC between Jul. 30 and Sept. 17 and 37,570 shares issued June 4 under an equity line with B. Riley Principal Capital II while 108,695 shares were issued on Jun. 10 under a marketing services agreement.

As of Monday, TOP Ships had 7.80 million common shares outstanding. Family Trading and the Trust beneficially own 2.93 million shares, representing a 37.55% stake in the company. Pistiolis separately owns 440,711 shares, or 5.65%.

Together, the reporting persons control about 43.20% of the company’s outstanding shares.

First-Half Financials

Last week, the company reported financial results for the six months ended June 30. Revenue for the period came in at $25.5 million with net income of $6.5 million.

EBITDA came in at $17.2 million, while basic and diluted earnings per share were $0.68 and $0.61, respectively.

Trading Metrics, Technical Analysis

TOP Ships has a market capitalization of $5.48 million, a 52-week high of $7.40 and a 52-week low of $0.62.

The Relative Strength Index (RSI) of TOPS stands at 43.35.

The stock experienced an extremely elevated trading session on Monday. TOPS traded 64.52 million shares, approximately 439 times higher than its average trading volume of 147,090 shares.

The small-cap stock has fallen 86.90% over the past 12 months.

TOPS is currently trading close to its annual low.

Benzinga’s Edge Stock Rankings indicate that TOP Ships stock has a negative price trend across all time frames.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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