Top Ships stock up 32.4% on elevated volumes, revenue

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Top Ships stock up 32.4% on elevated volumes, revenue

TOP Ships Inc.'s TOPS shares are trading higher Wednesday. The stock has gone up since the company provided an update on its performance in 2022 last week, despite the fact that it has been trending higher on elevated volumes.

TOP Ships reported unaudited financial results for the first half of the year last week. Revenue went up 53% year-over-year to $38.8 million. Net income went up 412% year-over-year to $8.6 million.

TOP Ships ended the first six months of the year with $475.4 million in total assets.

Evangelos Pistiolis, President and CEO of TOP Ships, said that we are very happy to report a significant year-on-year increase in net income for the six months ended June 30, 2022, our highest reported net income for a six month period since 2005.

The stock has been trending on social media platforms since last week. The average session volume of TOP Ships over a 100 day period is about 755,000, according to Benzinga Pro. Wednesday's trading volume has already exceeded 6.5 million at the time of publication.

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TOP Ships is an international owner of modern fuel efficient tanker vessels. The company focuses on transportation of petroleum products.

TOPS Ships has a 52 week high of $32.80 and a 52 week low of $2.10.

The stock was up 32.4% at $7.19 Wednesday morning.