Pangaea Logistics Solutions Ltd. (NASDAQ:PANL) traded at a new 52-week high today of $5.74. Approximately 110,000 shares have changed hands today, as compared to an average 30-day volume of 317,000 shares.
Based on a current price of $5.73, Pangaea Logistics Solutions Ltd. is currently 74.3% above its average consensus analyst price target of $1.48.
Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The firm's services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.
In the past 52 weeks, Pangaea Logistics Solutions Ltd. share prices are bracketed by a low of $2.08 and a high of $5.74 and is now at $5.73, 175% above that low price.
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