TOP Ships (TOPS) Stock Heads Up On Lax Fund Filing

TOP Ships TOPS Stock News

TOP Ships Inc (NASDAQ: TOPS) is making its way for the top early on, trading on pre-market gains of nearly 4%. While the company hasn’t issued any news of their own, it seems as though a filing made by The Lax Fund is causing all of the excitement here. Here’s what’s happening:

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The Lax Fund Increases TOPS Stock Holdings

As mentioned above, TOP Ships hasn’t released any news of its own recently. However, The Lax Fund did. In an SEC filing, The Lax Fund said that it now owns 7,689,474 shares of TOPS.

If this is indeed the case, it represents a 70.3% stake in the company. So, why do I say “if?” The answer is simple.

It is often that we find that SEC filings have mistakes in them. So, we can’t always take them at face value. However, in this particular case, it’s likely that The Lax Fund did increase its holdings.

For some time now, we’ve seen SEC filings out of The Lax Fund surrounding ownership in TOPS. Of course, the newest filing shows the most substantial holding to date, suggesting a growing view that the stock is likely to climb.

Why Is This Important?

The truth of the matter is that investors tend to follow big money. After all, the entire goal of large investment funds and other institutional investors is to earn money in the market. As such, their teams spend their entire day researching opportunities.

With The Lax Fund taking such a large interest in TOPS, there’s an insinuation that the stock is a good buy. The fund’s entire purpose is to earn money in the market. With such a strong invterest in the stock, the fund is validating it as a strong investment opportunity.

So, it’s not surprising to see that retail investors are snapping up shares on the news!

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