Seaspan Corporation (NYSE:SSW) has tumbled 3.4% during the past week and has dropped 11.81% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 2.24%. Seaspan Corporation (NYSE:SSW) has underperformed the index by 12.62% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
Seaspan Corporation (NYSE:SSW): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $14.76 and $14.69 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $15.23. The buying momentum continued till the end and the stock did not give up its gains. It closed at $14.78, notching a gain of 0.34% for the day. The total traded volume was 1,927,729 . The stock had closed at $14.73 on the previous day.
The company shares have dropped -27.76% from its 1 Year high price. On Jun 23, 2015, the shares registered one year high at $20.87 and the one year low was seen on Jan 15, 2016. The 50-Day Moving Average price is $15.63 and the 200 Day Moving Average price is recorded at $16.29.
Many analysts have stated their opinion on the company shares. Equity analysts at the Brokerage firm Barclays downgrades its rating on Seaspan Corporation (NYSE:SSW). The rating major has initiated the coverage with underweight rating on the shares. Earlier, the shares were rated a Equal-weight by the brokerage firm. The Analysts at Barclays lowers the price target from $15 per share to $14 per share. The rating by the firm was issued on April 1, 2016. Institutional Investors own 10.32% of Seaspan Corporation shares.
Seaspan Corporation is an independent charter owner and manager of containerships. The Company charters primarily pursuant to long-term, fixed-rate time charters with various container liner companies. As of February 28, 2015, the Company operated a fleet of 77 containerships and had contracts for the purchase of an additional 13 newly-built containerships, which have scheduled delivery dates through October 2016. The Companys customers primarily include COSCON, CSCL Asia, HL USA, Hanjin, Hapag-Lloyd, K-Line, MSC, MOL, Norasia, OOCL, Maersk and Yang Ming Marine. The Companys four 4800 TEU vessels are chartered by MSC under bareboat charters, which are contracts for the use of a vessel for a fixed period of time at a specified amount. The Company also provides limited ship management services to Dennis R. Washingtons personal vessel owning companies and ship management and construction supervision services to GCI.