Recent short interest data for the 10/31/2014 settlement date shows a decrease in short interest for shares of DryShips, Inc. (DRYS). As of October 31, the short interest for the provider of ocean transportation services for drybulk and petroleum cargoes totaled 10,984,779 shares, as compared to 13,892,150 shares since October 15, a decline of 20.93%. Average daily volume [AVM] for the same period rose by 8,021,846 to 21,461,431 shares from 13,439,585 shares. It is worth mentioning that ticker’s short interest has increased by more than 4.85M shares, or 79%, from the 8/29/2014 settlement date.
Based on the latest AVM, the days-to-cover ratio — a metric that includes both the total shares short and the average daily volume of shares traded — is currently 1.00 days. Days-to-cover for DRYS decreased to 1.00 for the October 31 settlement date, as compared to 1.03 days at the October 15 report.
Recently, a number of Wall Street firms have assigned a rating to the stock. Analysts at Imperial Capital upgraded the name with an ‘Outperform’ and $1.40 price target in a research note on October 28th. Deutsche Bank (DB) analysts downgraded the stock to a ‘Hold’ from ‘Buy’ rating in a research note to clients on October 13th. Finally, analysts at Clarkson Capital initiated coverage on Dryships with a ‘Hold’ in a research note on September 19th. Overall, there are 4 analysts that rate DRYS a ‘Hold’, and 3 that rate it ‘Underperform’. One analyst rates it a ‘Sell’. No analyst rates it a ‘Buy’. DRYS has a median Wall Street price target of $1.75 with a high target of $2.00.
DryShips, Inc. has a beta of 3.92 and a short float of 3.66%. In the past 52 weeks, shares of the New York-based company have traded between a low of $1.32 and a high of $5.00 and are now at $1.41. Shares are down -51.38% year-over-year ; down -67.95% year-to-date.