Puts Purchased on Eagle Bulk Shipping Inc. (EGLE)
May 03, 2011 11:36 AM
Shares of Eagle Bulk Shipping Inc. (NASDAQ: EGLE) are lower on the session by 2.93%, currently trading at $3.31. The stock has been moving largely lower over the past six months and is currently trading below the 50-day and 200-day moving averages.
Options traders are buying puts on the name today. A short while ago the June 2011 $3.00 put was purchased 1,000 times, on the offer, for $0.10 on open interest of 868 contracts.
Overall put volume is now running at 5.67x the daily average with 89% of all puts traded being purchases on the offer.
Eagle Bulk Shipping Inc. is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. The company operates in the Handymax sector of the dry bulk industry, with emphasis on the Supramax class of vessels.
