Short Interest in Rand Logistics, Inc. (RLOG) Drops By 79.9%

Rand Logistics, Inc. (NASDAQ:RLOG) was the target of a significant decrease in short interest in October. As of October 13th, there was short interest totalling 120,844 shares, a decrease of 79.9% from the September 29th total of 600,261 shares. Based on an average trading volume of 303,205 shares, the short-interest ratio is currently 0.4 days. Currently, 0.9% of the company’s stock are short sold.

Rand Logistics (NASDAQ:RLOG) last announced its quarterly earnings results on Monday, August 14th. The shipping company reported ($0.30) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.41). Rand Logistics had a negative net margin of 18.21% and a negative return on equity of 160.74%. The business had revenue of $32.34 million during the quarter.

In related news, major shareholder Brent D. Baird bought 350,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average price of $0.29 per share, for a total transaction of $101,500.00. Following the completion of the acquisition, the insider now owns 2,252,683 shares of the company’s stock, valued at approximately $653,278.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Brent D. Baird bought 167,242 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The shares were bought at an average price of $0.34 per share, for a total transaction of $56,862.28. The disclosure for this purchase can be found here. Insiders have purchased 1,217,242 shares of company stock worth $361,362 in the last quarter. 13.10% of the stock is currently owned by corporate insiders.

An institutional investor recently raised its position in Rand Logistics stock. Renaissance Technologies LLC grew its position in shares of Rand Logistics, Inc. (NASDAQ:RLOG) by 11.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,700 shares of the shipping company’s stock after buying an additional 17,100 shares during the quarter. Renaissance Technologies LLC owned 0.90% of Rand Logistics worth $107,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 31.09% of the company’s stock.

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Rand Logistics Company Profile

Rand Logistics, Inc is a shipping company that, through its operating subsidiaries, is engaged in the operation of bulk carriers on the Great Lakes. The Company’s shipping business is operated in Canada by Lower Lakes Towing Ltd. (Lower Lakes Towing) and in the United States by Lower Lakes Transportation Company (Lower Lakes Transportation).

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