DryShips Inc. (NASDAQ: DRYS)
DryShips has been an incredibly interesting stock to follow as of late. Over the past couple of weeks, we’ve seen massive gains and massive losses. Today, the stock is running up on the green side of the line in a big way. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to DRYS ahead.
What We’re Seeing From DRYS
As mentioned above, DryShips is having an incredibly strong day in the market today. Since the opening bell, the stock has been well into the green. At the moment, the stock is climbing even higher on yet another spike. Currently (2:09), DRYS is trading at $5.04 per share after a gain of $0.71 per share (16.49%) thus far today.
Why The Stock Has Seen The Roller Coaster Like Movement
Recently, DRYS climbed along with the rest of the stocks in the shipping sector. However, as the bubble burst, DRYS announced an offering, which didn’t seem to appease investors. As a result, the stock fell dramatically.
Nonetheless, the Baltic Dry Index is still up, and Donald Trump is still a great president for the shipping sector. As a result, while investors are considering risk, they are seeing incredible opportunity here. This is ultimately the cause of all of the volatility we’ve seen in DryShips.
What We’ll Be Watching Ahead
DRYS is likely to continue to be volatile ahead. The overall long-term view looks pretty good, but there will likely be big bumps in the road. Moving forward, we’ll be keeping a close eye on the shipping sector as a whole, considering that gains in the Baltic Dry Index are more or less holding up and Donald Trump is transitioning into office. We’ll keep a close eye on the sector and bring the news to you as it breaks!
Update – The gains that we’re seeing at the moment are the result of a DRYS insider buy of 100k shares. The insider purchase was made by James Leichter. The price per share was $5.8084.
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of Wikimedia]