TOP Ships Inc (NASDAQ: TOPS) shares are trading higher Wednesday. The stock has been trending higher on elevated volumes since the company provided an update on its performance in 2022 last week.
What Happened: TOP Ships reported unaudited financial results for the first half of the year last week. The company said revenue increased 53% year-over-year to $38.8 million. Net income jumped 412% year-over-year to $8.6 million.
TOP Ships said it ended the first six months of the year with $475.4 million in total assets.
"We are very happy to report a dramatic year-on-year increase in net income for the six months ended June 30, 2022, which represents our highest reported net income for a six month period since 2005," said Evangelos Pistiolis, president and CEO of TOP Ships.
The stock has been trending across social media platforms since last week. TOP Ships' average session volume over a 100-day period is about 755,000, according to Benzinga Pro. Wednesday's trading volume has already exceeded 6.5 million at publication time.
TOP Ships is an international owner of modern, fuel efficient tanker vessels. The company focuses on the transportation of petroleum products.
TOPS Price Action: 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.
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