Eagle Bulk Shipping Inc (EGLE) Stock Volume Hits Record Peak

Eagle Bulk Shipping Inc (NASDAQ:EGLE) is up more than 50% this morning, and was halted earlier

by Karee Venema

Published on Aug 26, 2016 at 10:51 AM

Unlike this for-profit educator -- which is considered worthless at Piper Jaffray -- shares of Eagle Bulk Shipping Inc (NASDAQ:EGLE) are soaring today. After being halted earlier, the stock was last seen up 58% at $11.30. While EGLE doesn't trade options, today's bull gap is occurring amid a surge in stock volume, with 2.1 million shares traded thus far -- a record high.

Widening the technical scope reveals today's positive price action runs counter to the equity's longer-term trajectory. Similar to fellow shipping stock DryShips Inc. (NASDAQ:DRYS), the shares of EGLE have shed more than 90% over the past year -- and hit a record low of $5.01 on Aug. 16.

Against this backdrop, short sellers have been cashing in their winning bets on Eagle Bulk Shipping Inc (NASDAQ:EGLE). Short interest plunged 93% in the two most recent reporting periods. With just 0.6% of EGLE's float now sold short, it would take just about one session to cover these bearish bets, at the average pace of trading.

Let us help you profit from market volatility. Target big gains in short order with a 30-day trial of Schaeffer's Weekly Volatility Trader!

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.
Planet Fitness Stock Lifted Amid Re-Opening Optimism
Planet Fitness reopened around 800 facilities in North America
Coffee Stock Drops Despite Cost-Cutting Initiatives
Starbucks asked employees to further limit working hours or take unpaid leave
The Big Bankruptcy You Should Be Afraid Of
Porter Stansberry is making a concerning prediction.