Scorpio Bulkers (SALT) has risen sharply, recording gains of 4.9% in the past 4 weeks. However, the stock has corrected -4.18% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 4.5% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
Scorpio Bulkers Inc. has dropped 11.08% during the last 3-month period . Year-to-Date the stock performance stands at -67.54%. The stock has recorded a 20-day Moving Average of 2.34% and the 50-Day Moving Average is 2.22%.
Scorpio Bulkers (NYSE:SALT): The stock opened at $3.25 on Friday but the bulls could not build on the opening and the stock topped out at $3.28 for the day. The stock traded down to $3.08 during the day, due to lack of any buying support eventually closed down at $3.21 with a loss of -1.83% for the day. The stock had closed at $3.27 on the previous day. The total traded volume was 508,268 shares.
Also, Equity analysts at the Brokerage firm Seaport Global assumes its rating on Scorpio Bulkers (NYSE:SALT). The rating major has initiated the coverage with buy rating on the shares. The rating by the firm was issued on August 2, 2016.
Scorpio Bulkers Inc is a company engaged in marine transportation, based in the Marshall Islands. It is a provider of transportation services of dry bulk commodities. The Company aims to acquire, own and operate a fleet of medium-sized dry bulk carriers. It has offices in Monaco and New York. The Company has contracted and agreed to purchase 28 Ultramax, 21 Kamsarmax and three Capesize newbuilding dry ship vessels, with deliveries scheduled from second quarter of 2014. It is a part of the Scorpio Group.