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Where Will DryShips Resume Trading After Its Nasdaq Halt?

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Where Will DryShips Resume Trading After Its Nasdaq Halt?
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DryShips slides 11% as losses triple in Q3 (Seeking Alpha)

DryShips Inc. (NASDAQ: DRYS) shareholders are sitting on massive 1,500 percent gains since Election Day. Unfortunately, there is currently no way for them to cash out on those gains. DryShips trading was halted by the Nasdaq before the market open on Wednesday. The exchange said shares will remain halted until the Nasdaq has “fully satisfied” a request for additional information about the stock.

UPDATE: At 10:30 a.m., the stock opened at $51.

Until the Nasdaq provides an update, DryShips shareholders must sit on their hands.

Benzinga took to Twitter to ask traders at what price they believe the soaring stock will open when it eventually resumes trading. DryShips last traded at $115 in Wednesday’s premarket session prior to the halt.

It appears that the consensus opinion is that DryShips is in for a reality check. Nearly half (47 percent) of respondents expect DryShips to resume trading below $50. However, 29 percent expect the insane rally to continue and predict DryShips will resume trading above $115.

The trading action in other shipping stocks on Wednesday suggests there is still plenty of appetite out there among traders. Sino-Global Shipping America, Ltd. (NASDAQ: SINO) shares were up more than 100 percent on Wednesday, and other shipping stocks traded up more than 20 percent as well.

Posted-In: News Commodities Markets Movers Media Best of Benzinga

 

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