DryShips Inc. (NASDAQ: DRYS)
DryShips is having an overwhelmingly rough morning in the market this morning, and for good reason. Early this morning, it was announced that a key institutional investor has made the decision to buy a massive portion of their stake in the company. As a result, investor fears set in, leading to massive declines and prompting our partners at Trade Ideas to alert us to the movement. At the moment (9:18), DRYS is trading at $1.20 per share after a loss of $0.45 per share (27.27%) thus far today.
DRYS Falls On Kalani Sale
As mentioned above, DryShips is having an overwhelmingly rough start to the day today after a key institutional investor announced the purchase of a massive amount of shares. The investor, once looked at as the savior that loved DRYS, Kalani Investments is buying another $226 million of the company’s shares. So, what’s the problem? This is the same firm that has purchased shares in the past at a discount, only to offload them and cause the stock to fall. Of course, this is a big hit to the stock and will likely lead to changing opinions among many of the company’s investors.
What We’ll Be Watching For Ahead
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Moving forward, the CNA Finance team will be keeping a close eye on DRYS. In particular, we’ll be watching institutional investors to see if this will create a domino effect. Also, we’re continuing to watch the company’s movement considering recent acquisitions of new ships. We’ll continue to follow the story closely and bring the news to you as it breaks!
What Do You Think?
Where do you think DRYS is headed moving forward? Join the discussion in the comments below or on StockTwits!
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