The stock of DryShips Inc. (NASDAQ:DRYS) gapped up by $13.5 today and has $296.33 target or 147.00% above today’s $119.97 share price. The 7 months technical chart setup indicates low risk for the $141.12 million company. The gap was reported on Nov, 16 by Barchart.com. If the $296.33 price target is reached, the company will be worth $207.45M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 268,804 shares traded hands. DryShips Inc. (NASDAQ:DRYS) has risen 115.34% since April 14, 2016 and is uptrending. It has outperformed by 110.65% the S&P500.
Analysts await DryShips Inc. (NASDAQ:DRYS) to report earnings on December, 5.
According to Zacks Investment Research, “Dryships Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide.”
More notable recent DryShips Inc. (NASDAQ:DRYS) news were published by: Investorplace.com which released: “This 1900% DryShips Inc. (DRYS) Stock Rally Will Burn You” on November 16, 2016, also Fool.com with their article: “Here’s Why DryShips Inc. Stock Continues to Explode Higher” published on November 14, 2016, Reuters.com published: “BRIEF-Nasdaq halts DryShips Inc” on November 16, 2016. More interesting news about DryShips Inc. (NASDAQ:DRYS) were released by: Seekingalpha.com and their article: “DryShips: It Is A Great Time To Sell” published on November 15, 2016 as well as Schaeffersresearch.com‘s news article titled: “DryShips Inc., Eagle Bulk Shipping Inc Join the Bulk Shipping Stock Surge” with publication date: November 15, 2016.
DRYS Company Profile
DryShips, Inc., incorporated on October 9, 2004, is a holding company. The Firm owns drybulk carriers and offshore support vessels. The Firm operates through two divisions: the drybulk carrier and the offshore support. Under its drybulk segment, the Company operates as a well-known provider of drybulk commodities transportation services for the steel, electric utility, construction and agri-food industries. Under its offshore support segment, the Company operates as a well-known provider of offshore support services to the global offshore energy industry. The Firm owns a fleet of approximately 20 Panamax drybulk carriers, which have a combined deadweight tonnage (dwt) of approximately 1.5 million dwt and an average age of approximately 10 years, and six offshore supply vessels, comprising over two platform supply and four oil spill recovery vessels and have an average age of approximately 3.1 years.
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