DryShips: $5 to $1 stock in 30 past days
DryShips Inc (DRYS) was $5 on Dec 23 2016 compared to today's price of $1.16 - another 52-week low. Shares of DRYS are down 76% in the past month and shareholders are wondering where is the bottom?
DRYS dropped another penny while writing this article and now stands at $1.15. Volume on shares of DRYS has been screaming the past week and today with a few hours before the close DRYS has passed 40 million shares traded. The 5 day loss is at 46% on DRYS shares from the $2 level. All that selling appears justified now that the company has announced... DUM DUM DUM!
A Reverse Stock spit.
That's right, for every 8 shares you own of DRYS you now get 1 share. The split is effective next Monday, Jan 23. A desperate act by the company to keep it's shares on the NASDAQ before desliting occurs once it gets below $1.
DRYS has 69,357,841 shares as of today, after next week it will be approximately 8.7 million shares.
Click if you care to read More on the smoke and mirrors show from the company.
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