On a split adjusted basis, shares of Diana Containerships Inc DCIX have lost 99.8 percent since the start of 2017. But the stock soared higher by more than 100 percent on Monday, repeating Friday's triple-digit percentage gain on no relevant news.
Diana Containerships' stock at one point on Friday traded higher by more than 500 percent and traded just shy of the $20 mark just one day after completing a one-for-seven reverse stock split. It could be possible that the absence of liquidity resulted in bulls buying up the stock with impunity.
After trading below the $10 mark during Monday's pre-market session, Diana Containerships' stock opened at $15.82 and quickly surged above Friday's high. As of 12:30 p.m. ET the stock hit an intraday high of $28.48..
Investors and traders are seeing a near identical repeat of last year's inexpiable surge in DryShips Inc. DRYS. However, in DryShips' case, the stock's gains were in the thousands of percentage points as shares skyrocketed from $5 per share to north of $100 per share in just a few short days on no notable news.
Here is a summary of how other dry bulk shipping stocks were trading on Monday.
- TOP SHIPS Inc TOPS: up 111.11 percent at $1.52.
- Globus Maritime Ltd GLBS: up 25.26 percent at $1.29.
- Euroseas Ltd. ESEA: up 12.88 percent at $2.16.
- Diana Shipping Inc. DSX: up 12.18 percent at $4.42.
- DryShips: up 5.44 percent at $4.63.
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