Eagle Bulk Shipping Inc

Company Overview:  Eagle Bulk Shipping Inc. is a shipowner-operator that provides global transportation solutions to a diverse group of customers, including miners, producers, traders and end-users.

As per our previous US Dividend Income Report published on “EGLE” on 08th February 2023, Kalkine provided a ‘Buy’ stance on the stock at USD 57.37 based on ‘attractive dividend yield, upside indicated based on valuation, risk associated’ and the stock price has now moved by ~14.79% since then and the price has attained the Resistance 1 and hovering near Resistance 2.

Noted below are the details of support and resistance levels provided in our previous report:

EGLE’s Daily Chart

EGLE’s Daily Price Chart. Source: REFINITIV, Analysis by Kalkine Group

Considering the target attainment, current trading levels, resistance near current price level, risks associated, large swing in the freight prices, volatile market conditions on the back of rising interest rates, a ‘Sell’ rating is assigned to the “EGLE” at the current market price of USD 65.85 as of 27 February 2023 at 06:38 AM PST.  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 24^th February 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’