https://www.streetinsider.com/Corpo...clares+$2.5M+Quarterly+Dividend/12769427.html Clearly the company is in such good shape it makes sense for them to be issuing dividends. DRYS rallied in the post-market off this news. Is there where it begins it's ascent back to all time high value of $6 million/share? However, they had their 5th reverse split in a little over a year today and tanked again.
Why on earth are they doing that... that company is toast! Maybe the CEO needed some money and this way he gets some?
I did not know anything about them. But ...they traded at 1.74 down 60% in 1 day. Down 99.96% in 1 year. And their EPS Growth was down 38,585%. Those are some impressive statistics. But I guess if they can declare a profit they are still making money.
The whole shipping industry takes advantage of dumb retail investors in the public markets to raise capital and buy ships which can't produce economic value. These companies are run by investment bankers or family owned entrepreneurs. It's a vicious cycle where investors will still give the money and they continue to either build or buy ships. People focus on revenue and not on profits or positive cash flow. It's a good example is why the public markets no longer serve the greater good. The management pays themselves huge salaries and the investment bankers help raise more capital collecting even higher fees for their role in the scam. People get sucked in with high dividend yields during times when funds are easily raised from the same investors. The real shipping business never makes a profit ever.
LOL, clearly the smartest thing to do when you are hemoraghing cash, and teetering on the edge of insolvency is throw out a dividend, wish i could find shares to short today, split adjusted DRYS went from like 15000 to 2 dollars in the last year, a total scam, and suckers keep buying the pops all because of that stupid move to 100 a half a year ago. If you cant find shares of DRYS to short TOPS is almost as big of a piece of shit and easy to find shares, same sector, same story, but at 50 cents its hard to make the case for shorting it. It reminds me of RGSE, and GBSN i dont know how the fuck these companies are able to keep repeating the same pattern and the SEC has no clue. Reverse split offering, reverse split, offering, reverse split offering, forever until they have a billion shares worth a tenth of a cent like GBSN, lol.
DRYS is not an investment. It is a donation. Be aware that when you put money into this, you're giving it away.
I have followed, that company, off/on since 07'. I warned about it here 2 reverse splits ago when it was $6 or $7...today it's 5.5 CENTS equivalent! George Economou is the biggest scam CEO in history, really a genius, if you ask me. He uses DRYS as his personal piggy bank. A decade ago, he had DRYS buy Panamaxes only for the company to be in debt covenant violation so sold them to his private Cardiff(where his wealth is) for half off. He bought out his nephew in OCNF, at a premium, instead of BK, and he's, the CFO. Recently, he sold ship options on 4 VLGC, for $83.5M when he got them ordered at $76M. He should write a book on the "Art of F***ing Over Shareholders Without Lube."lol He owns, the debt, which he decided to up 100BPS, prolong it to 5yrs from 3yrs, and pay himself LIBOR +6.5%. Oh, and charged DRYS $2M "amendment fee" Collects "management fees" for, the ships, in usage. His current death spiral financing is genius...get a 3rd party, Kalani, to "buy" shares at a discount which they immediately dump. Stock implodes, retail is unbelievably stupid as their accounts disappear, and GE gets $600M for new ships. Oh, and his preferred shares having voting rights worth 100,000 so even if 100M people vote against him he'll still vote what he wants.
They landed a $7.1 million contract today and took out yesterday's high (yesterday was the last reverse split). The short squeeze might be getting ready to get set. I'm curious as to how it reacts to the open tomorrow as it usually sells off early. Obviously the company is a complete piece of crap, but there could be another massive short squeeze in it. Not sure if it's worth trying to time though. I haven't. As a day trader, I usually short it everyday. They have this one guy, Kalani buying and dumping all their shares: https://seekingalpha.com/article/4061653-dryships-something-fishy