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Traders Get Bullish on Shares of Excel Maritime Carriers, Shares Up 8.1% (EXM)

Published on Mon, 03/11/2013 - 12:24
By Mallory Stone

Excel Maritime Carriers (NYSE:EXM) is one of today's best performing penny stocks, up 8.1% to $0.70 on 3.4x average daily volume. Excel Maritime Carriers has traded 1.9 million shares thus far today, vs. average volume of 576,000 shares per day. The stock has outperformed the Dow (8.1% to the Dow's 0.3%) and outperformed the S&P 500 (8.1% to the S&P's 0.2%) during today's trading.

Excel Maritime Carriers Ltd. owns and operates dry bulk carrier vessels and provides worldwide sea borne transportation services for dry bulk cargo. Excel's business strategy is to expand and diversify its fleet to achieve economies of scale and marketing strength in each of the drybulk sectors in which it operates.

Excel Maritime Carriers (NYSE:EXM) defies analysts with a current price ($0.70) 62.0% above its average consensus price target of $0.27. The stock should find initial support at its 50-day moving average (MA) of $0.54 and further support at its 200-day MA of $0.53.

In the past 52 weeks, Excel Maritime Carriers share prices have been bracketed by a low of $0.36 and a high of $2.29 and are now at $0.70, 95% above that low price. The 200-day and 50-day moving averages have moved 3.35% lower and 1.72% higher over the past week, respectively.

By Mallory Stone