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DryShips Up 6.2%, Shares Break Through Resistance (DRYS)

Published on Wed, 02/13/2013 - 13:23
By Peter Chu

DryShips (NASDAQ:DRYS) is one of today's best performing low-priced stocks, up 6.2% to $2.40 on 1.2x average daily volume. DryShips has traded 6.9 million shares thus far today, vs. average volume of 5.7 million shares per day. The stock has outperformed the Dow (6.2% to the Dow's -0.3%) and outperformed the S&P 500 (6.2% to the S&P's 0.0%) during today's trading.

There is potential upside of 3.5% for shares of DryShips based on a current price of $2.40 and an average consensus analyst price target of $2.48. The stock should find initial support at its 200-day moving average (MA) of $2.20 and further support at its 50-day MA of $1.95.

DryShips Inc. owns and operates drybulk carriers. Commodities transported by the Company consist of major bulks, which include iron ore, coal, and grain, and minor bulks such as bauxite, phosphate and steel products. The Company also owns Ultra Deep Water Rigs.

In the past 52 weeks, shares of DryShips have traded between a low of $1.46 and a high of $5.12 and are now at $2.40, which is 64% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.2%.

By Peter Chu