DryShips (DRYS): One Of The Greatest Day Trading Stocks, Ever

Investing

Published: January 29, 2009 12:57 pm

Last Updated: April 27, 2020 8:33 pm

Angrybear Most investors have never heard of DryShips (DRYS), and almost no one knows what the company does. Its market cap is only $325 million.

The firm operates drybulk carriers and has a fleet of 46. DryShips is based in Athens.

Recently the company faced being in breach of its debt convenants. DryShips is trying to sell $500 million in shares. When that news came out, several brokers, including Credit Suisse, dwongraded that stock.

DryShips trades an average of over 17 million shares a day, and its stock price fluxuates wildly.

DRYS has a 52-week high of $116.43 and a low of $3.04. The bad news about the firm’s debt has driven shares down by 25% today to $9.

For traders who look for volatility, DryShips doesn’t have an equal. Over the last three months, it share price has moved from $22 to $9 in five days. Another five trading days took it down to $3.50. Two weeks later, it was back at $11. Its recent move has been from $15 to just over $8. Its most breathaking move was between August and November as the shares moved from over $76 to under $4.

If DRYS does not resolve its debt problems, it could go from its current price of $9 to zero.

Douglas A. McIntyre

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