Eagle Bulk Shipping Inc (NASDAQ:EGLE) is up more than 50% this morning
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!