Shares of Pingtan Marine Enterprise, Ltd. (NASDAQ:PME) Advance Following Announcement of Commencement of Fishing Activity in Indo-Pacific Waters

Global fishing company based in China, Pingtan Marine Enterprise, Ltd. (NASDAQ:PME), announces that thirteen of its fishing vessels have arrived in the harvesting areas of Indo-Pacific waters.

FUZHOU, China, Nov. 22, 2016 /PRNewswire/ —

The Company rebuilt approximately 20% of its production capacity

Pingtan Marine Enterprise Ltd. (PME) (“Pingtan,” or the “Company”), a global fishing company based in the People’s Republic of China (PRC), today announced that thirteen of its fishing vessels have arrived in the harvesting areas of Indo-Pacific waters.

These thirteen fishing vessels were placed in Indo-Pacific waters according to the Company’s previously announced operating plan in August 2016, and have recently arrived in their fishing designation in Indo-Pacific Waters to be put into operation.  The Company expects to begin recognizing sales from this expansion in the current fourth quarter of 2016.

Pingtan currently owns one hundred thirty five fishing vessels, twelve of which are operating in the Bay of Bengal in India along with these thirteen vessels in Indo-Pacific Waters. As of today, the Company’s twenty five fishing vessels are fully operating and have rebuilt approximately 20% of its production capacity. In accordance with the Company’s previous results of 2014, each of its fishing vessels can generate annual revenue of approximately $3 million USD with annual net income of approximately $800,000 to $1 million.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, “We are very pleased to begin fishing activities in the bountiful Indo-Pacific Waters, and utilizing our assets and advantages to meet the continued demand in China. We remain dedicated to actively seeking new water territories where we can expand, increasing our production and provide high quality fishing products to our customers.”

About Pingtan

Pingtan is a global fishing company engaging in ocean fishing through its wholly-owned subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.

Business Risks and Forward-Looking Statements

This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, including statements that the Company expects to begin recognizing sales from the expansion of its fishing operations in the Indo-Pacific Waters in the fourth quarter of 2016. In addition, please refer to the risk factors contained in Pingtan’s SEC filings available at www.sec.gov, including Pingtan’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Definitive Proxy Statement. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.\

Original Source

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Shares of Pingtan Marine Enterprise, Ltd. (NASDAQ:PME) are actively moving +10.37% thus far today on the news and have traded in the range of $1.35 – 1.58 during the session.  A number of research firms have recently weighed in on the stock, providing future price targets. The covering firms currently have a consensus one-year price target of $15.00 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  This is the average number from the individual targets provided by the firms.  Analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $1.39 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading +47.12% away from its 50-day moving average of $1.01.  Based on the most recent available data, the equity is -36.05% off of its 52-week high of $2.33 and +77.38% away from its 52-week low which is $0.84.

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Taking a look at the company’s valuation, the firm’s price to earnings ratio stands at 51.38.  Today, the stock opened at $1.35 and the last bid at the time of writing stood at $1.49.  During the session thus far, the equity dipped down to $1.35 and touched $1.58 as the high point.  Pingtan Marine Enterprise, Ltd. (NASDAQ:PME) has a market cap of $117.79M and has seen an average daily volume of 90,446 over the past three months.

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