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Castor Maritime Inc. (CTRM) rallied in the intraday session today: Here’s Why

Castor Maritime Inc. (CTRM) rallied in the intraday trading session today following the announcement of three- and nine-month financial results that ended September 30, 2021. CTRM stock price saw a push of 6.00% to reach $2.48 a share at the time of this writing. The trading volume on the last check was 2,171,689. Let’s take a closer look at recent events of this stock.

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Third Quarter 2021 Financial Results:

  • Castor Maritime generated $43.3 million in revenues in the third quarter of 2021. The revenues for the reported quarter were higher as compared to $2.8 million in the same tenure of the previous year.
  • CTRM stock recorded $15.5 million in net income in the third quarter of 2021. The company suffered a net loss of $0.6 million in the same tenure of the previous year.
  • Earnings per share of the Castor stock was $0.16 for the three months ended September 30, 2021, as compared to $0.05 earnings per share in the same period of the previous year.
  • CTRM stock reported $21.2 million EBITDA for the third quarter of 2021. This compares to the $0.1 million EBITDA in the same tenure of the previous year.
  • The operating expenses increased by $11.3 million to reach $13.1 million in the third quarter of 2021. The previous year’s operating expenses of the same quarter were $1.8 million.
  • By the end of the reported quarter, CTRM stock had $42.4 million in cash and restricted cash.

Nine-Month Financial Results of CTRM stock:

  • CTRM stock generated revenue of $72.0 million in the first nine months of 2021 as compared to $8.1 million in the same period of the previous year.
  • Net income for the first nine months of the CTRM stock was $23.1 million as compared to a net loss of $1.0 million in the same period of the previous year.
  • The stock reported $0.29 earnings per share for the first nine months of 2021 as compared to a $0.21 loss per share in the same tenure of the previous year.
  • The EBITDA of CTRM stock reached $33.8 million in the reported period as compared to $2.1 million in the same period of the previous year.

Conclusion:

Investors have liked the performance of the CTRM stock as they are responding positively towards it after the release of third-quarter 2021 financial results. The company has completed all the announced acquisitions since earlier 2021 and now has a strong balance sheet. The company is looking forward to avail opportunities in the shipping space and hence can be a good bet for long-term investors.

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