Zacks Investment Research Upgrades Grindrod Shipping (NASDAQ:GRIN) to “Buy”

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Grindrod Shipping (NASDAQ:GRIN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, reports. The brokerage presently has a $8.25 price target on the stock.

According to Zacks, “Grindrod Shipping Holdings Ltd. owns and operates a diversified fleet of owned, long-term chartered-in and joint-venture owned drybulk and liquid-bulk vessels. The drybulk business operates under the brand Island View Shipping includes handysize drybulk carriers and supramax drybulk carriers. The liquid-bulk business, operates under the brand Unicorn Shipping includes a fleet of Medium Range product tankers and small tankers. It operates primarily in London, Durban, Cape Town, Tokyo and Rotterdam. Grindrod Shipping Holdings Ltd. is based in Singapore. “

NASDAQ:GRIN traded up $0.99 during trading hours on Wednesday, hitting $8.25. The stock had a trading volume of 87,642 shares, compared to its average volume of 40,126. Grindrod Shipping has a one year low of $2.18 and a one year high of $8.25. The business’s 50 day moving average is $7.00 and its 200-day moving average is $5.10.

Grindrod Shipping Company Profile

Grindrod Shipping Holdings Ltd., an international shipping company, owns, charters-in, and operates a fleet of dry bulk carriers and tankers worldwide. It operates a fleet of 25 owned dry bulk carriers and six -term chartered-in dry bulk carriers that transport a range of bulk and breakbulk commodities, including ores, coal, grains, forestry products, steel products, and fertilizers.

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