Imperial Petroleum (NASDAQ:IMPP) Shares Down 3.6% – Here’s Why

Imperial Petroleum Inc. (NASDAQ:IMPP) shares traded down 3.6% on Monday . The company traded as low as $2.97 and last traded at $2.97. 680,602 shares changed hands during mid-day trading, an increase of 236% from the average session volume of 202,540 shares. The stock had previously closed at $3.08.

Imperial Petroleum Trading Down 3.6 %

The company has a market capitalization of $88.54 million, a PE ratio of 2.27 and a beta of 1.11. The company’s 50 day moving average price is $3.12 and its 200-day moving average price is $3.63.

Institutional Investors Weigh In On Imperial Petroleum

A number of institutional investors have recently added to or reduced their stakes in IMPP. Marshall Wace LLP acquired a new position in shares of Imperial Petroleum in the 2nd quarter valued at about $48,000. Cubist Systematic Strategies LLC purchased a new position in Imperial Petroleum in the second quarter valued at approximately $119,000. GSA Capital Partners LLP lifted its position in Imperial Petroleum by 28.9% during the third quarter. GSA Capital Partners LLP now owns 109,258 shares of the company’s stock valued at $453,000 after buying an additional 24,501 shares in the last quarter. Wexford Capital LP grew its stake in Imperial Petroleum by 41.8% during the third quarter. Wexford Capital LP now owns 312,201 shares of the company’s stock worth $1,296,000 after buying an additional 92,105 shares during the period. Finally, Towerview LLC increased its position in shares of Imperial Petroleum by 4.6% in the third quarter. Towerview LLC now owns 237,490 shares of the company’s stock worth $986,000 after acquiring an additional 10,390 shares in the last quarter. Hedge funds and other institutional investors own 94.44% of the company’s stock.

About Imperial Petroleum

Imperial Petroleum Inc provides international seaborne transportation services to oil producers, refineries, and commodities traders. It carries refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals, crude oils, iron ore, coal and grains, and minor bulks, such as bauxite, phosphate, and fertilizers.