DryShips Inc. (NASDAQ:DRYS) is one of the stocks that are grabbing investor focus today: sinking -5.03% or (-0.19 points) to $3.59 from its previous close of $3.78. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 286299 contracts so far this session. DRYS shares had a relatively better volume day versus average trading capacity of 296.6 thousand shares, but with a 14.47 million float and a -1.31% run over a week, it’s definitely worth keeping an eye on. DRYS share price has been trading recently between $3.76 and $3.89.
The shorts are running away from DryShips Inc. (DRYS) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in DRYS shares. While short interest still represents only 13.26% of DRYS’s float, the number of shares shorted have fallen by -113979. The number of shares shorted fell to 1917815 shares, down from 2031794 shares during the preceding fortnight. With average daily trading volumes at 224616 shares, days to cover increased to about 7.596429 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “DryShips Forges Ahead As Legal Challenges Persist” and dated May 16, 2019.
During the recent trading session for DryShips Inc. (NASDAQ:DRYS), the company witnessed their stock drop by $-0.56 over a week and tumble down $-0.5 from the price 20 days ago. When compared to their established 52-week high of $7.22, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 01/08/19. The recent low of $3.55 stood for a -50.28% since 05/23/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.26 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for DryShips Inc., the two-week RSI stands at 33.41. This figure suggests that DRYS stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current DRYS readings is similarly very revealing as it has a stochastic reading of 9.4% at this stage. This figure means that DRYS share price today is being overbought.
Technical chart claims that DryShips Inc. (DRYS) would settle between $3.86/share to $3.94/share level. However, if the stock price goes below the $3.73 mark, then the market for DryShips Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $3.68 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.11. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Deutsche Bank lifted target price for shares of DRYS but were stick to Hold recommendation for the stock in their opinion released on December 10. The price target has been raised from $2 to $1. Imperial Capital analysts bumped their rating on DryShips Inc. (NASDAQ:DRYS) stock from Underperform to Outperform in a separate flash note issued to investors on October 28. Analysts at Imperial Capital lowered the stock to a Underperform call from its previous Outperform recommendation, in a research note that dated back to October 13.
Moving on, DRYS stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 1.77 while for the average stock in the same group, the multiple is 0.44. DryShips Inc. current P/E ratio of 16.5 means it is trading at a premium against its industry’s 10.61. In the past 5 years, this ratio for the stock has been fluctuating between 25.45 and 25.45.