C3is (NASDAQ:CISS) Stock Price Down 8.8% – Here’s Why

Shares of C3is Inc. (NASDAQ:CISS) dropped 8.8% during trading on Friday . The company traded as low as $1.45 and last traded at $1.46. Approximately 233,551 shares traded hands during trading, a decline of 17% from the average daily volume of 280,475 shares. The stock had previously closed at $1.60.

C3is Price Performance

The company has a market capitalization of $214,620.00, a price-to-earnings ratio of 0.06 and a beta of 2.06. The firm’s 50-day simple moving average is $2.13 and its two-hundred day simple moving average is $2.79.

Hedge Funds Weigh In On C3is

An institutional investor recently raised its position in C3is stock. Towerview LLC raised its stake in shares of C3is Inc. (NASDAQ:CISS) by 191.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,000 shares of the company’s stock after buying an additional 46,000 shares during the quarter. C3is comprises about 0.1% of Towerview LLC’s investment portfolio, making the stock its 24th biggest position. Towerview LLC owned about 19.07% of C3is worth $80,000 as of its most recent filing with the SEC. Institutional investors own 10.54% of the company’s stock.

About C3is

C3is Inc offers international seaborne transportation services. It provides its services to dry bulk charterers, including national and private industrial users, commodity producers and traders, oil producers, refineries, and commodities traders and producers. The company owns and operates a fleet of two drybulk carriers, which transport major bulks, such as iron ore, coal and grains, as well as minor bulks comprising bauxite, phosphate, and fertilizers, and one Aframax crude oil tanker that transports crude oil.