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

Karee Venema

Aug 26, 2016 at 10:51 AM

EGLE

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.

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