- Company reports respectable Q2 results with adjusted EBITDA almost quadrupling sequentially and meaningful cash generated from operations.
- Recent selloff and stellar fleet value appreciation have resulted in the shares now trading at an approximately 40% discount to net asset value.
- H2/2021 should see further exponential earnings - and cash flow growth as dry bulk charter market conditions remain favorable.
- Raising rating to "speculative buy" as odds for this former Meme stock getting picked up by the momentum crowd for another ride have increased meaningfully following Thursday's rally.
- Market participants should be wary of the overhang from the company's active equity distribution agreement with Maxim Group. That said, no additional shares have been sold into the open market in Q3 so far.
For further details see:
Castor Maritime: Recent Meme Stock Now In Value Territory - Buy For The Next Momentum Stampede