DryShips Inc. (DRYS) Trading Up 21.2% Following Insider Buying Activity
DryShips Inc. (NASDAQ:DRYS) shares were up 21.2% during mid-day trading on Wednesday following insider buying activity. The stock traded as high as $5.75 and last traded at $5.25, with a volume of 23,525,747 shares trading hands. The stock had previously closed at $4.33.
Specifically, major shareholder James Leichter bought 100,000 shares of the stock in a transaction on Monday, November 28th. The shares were purchased at an average price of $5.81 per share, with a total value of $581,000.00. Following the purchase, the insider now owns 300,000 shares in the company, valued at $1,743,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
The company’s 50-day moving average is $11.16 and its 200-day moving average is $33.80. The company’s market cap is $5.82 million.
Institutional investors have recently made changes to their positions in the company. Parametric Portfolio Associates LLC raised its position in shares of DryShips by 33.6% in the second quarter. Parametric Portfolio Associates LLC now owns 442,444 shares of the company’s stock worth $249,000 after buying an additional 111,298 shares during the period. Oxford Asset Management acquired a new stake in shares of DryShips during the second quarter valued at about $181,000. Bridgeway Capital Management Inc. acquired a new stake in shares of DryShips during the second quarter valued at about $136,000. Finally, A.R.T. Advisors LLC raised its stake in shares of DryShips by 236.8% in the second quarter. A.R.T. Advisors LLC now owns 225,303 shares of the company’s stock valued at $126,000 after buying an additional 158,403 shares during the period. 46.60% of the stock is currently owned by institutional investors and hedge funds.
DryShips Company Profile
DryShips, Inc is a holding company. The Company owns drybulk carriers and offshore support vessels. The Company operates through two segments: the drybulk carrier and the offshore support. Under its drybulk segment, the Company operates as a provider of drybulk commodities transportation services for the steel, electric utility, construction and agri-food industries.
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