DryShips Inc. (NASDAQ: DRYS) is surging this morning. Last night the company announced that it has completed its $500 million equity offering to boost its balance sheet and to use against debt. The shipping operator also received an analyst upgrade as shares were raised to ‘Outperfom’ from ‘Perform’ with an $8.00 target at Oppenheimer. The comnpany now has 184.4 million shares outstanding after the offering.
As a reminder, today is options expiration date for equities, and that could trap the stock at the closest strike. It had an open interest in contracts of 32,297 for the $5 calls, 16,935 for the $6 calls, and 30,744 for the $7.50 calls.
Shares are up 12% at $6.23 on over 1 million shares in early trading after closing at $5.55 Thursday. You probably don’t need the reminder, but this is one of the most volatile stocks out there as moves of 15% or more seem to be the norm rather than the exception.
Jon C. Ogg
Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.