DryShips Inc (NASDAQ:DRYS) was the target of a large decline in short interest in the month of March. As of March 29th, there was short interest totalling 3,220,542 shares, a decline of 30.2% from the March 15th total of 4,616,649 shares. Based on an average trading volume of 1,067,855 shares, the short-interest ratio is presently 3.0 days. Currently, 10.7% of the company’s shares are short sold.

Shares of NASDAQ:DRYS opened at $3.82 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.66 and a quick ratio of 2.66. DryShips has a 12-month low of $0.98 and a 12-month high of $482.65.

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DryShips (NASDAQ:DRYS) last issued its quarterly earnings data on Tuesday, February 27th. The shipping company reported ($0.02) earnings per share (EPS) for the quarter. The business had revenue of $42.59 million for the quarter. DryShips had a negative return on equity of 7.98% and a negative net margin of 29.86%.

DryShips announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 7th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the shipping company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Several large investors have recently modified their holdings of DRYS. Sei Investments Co. acquired a new stake in shares of DryShips during the 3rd quarter worth about $200,000. Covalis Capital LLP acquired a new stake in shares of DryShips during the 4th quarter worth about $136,000. Centenus Global Management LP acquired a new stake in shares of DryShips during the 4th quarter worth about $275,000. Deutsche Bank AG increased its position in shares of DryShips by 3,145.4% during the 4th quarter. Deutsche Bank AG now owns 75,424 shares of the shipping company’s stock worth $266,000 after purchasing an additional 73,100 shares during the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of DryShips during the 4th quarter worth about $777,000. 3.26% of the stock is owned by hedge funds and other institutional investors.

Separately, BidaskClub downgraded DryShips from a “hold” rating to a “sell” rating in a research report on Thursday, December 21st.

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DryShips Company Profile

DryShips Inc owns and operates ocean going cargo vessels worldwide. It operates through two segments, Drybulk and Offshore Support. The Drybulk segment offers drybulk commodities transportation services for the steel, electric utility, construction, and agri-food industries. The Offshore Support segment provides its services to the global offshore energy industry.

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