On jan 31 and Feb 1, many people loaded up all those cheap PRGN shares. Don't get scared, fight for the cheap shares. Trust your own DD & info. Don't let them sway you into selling, instead, add more. Good luck to you.
Contact information Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 40, Agiou Konstantinou Str., Maroussi 15124, Athens, Greece
My guess is that the share price and volume action is a play on Greece more than a play on the company right now. That said, I haven't checked to see if any new announcements were made by or about the company today so I could be incorrect in my assumption.
The share price and volume has been seen by most dry bulkers, there is no company specific event.
""Today’s performance shocked even the most seasoned Wall Street shipping analysts as the surge comes at a time when the market is plagued by rock-bottom freight rates, grim sector forecasts and a series of high-profile bankruptcies.
“The stupidity is unbelievable,” noted one market source. “Clearly a lot of investors are not doing their homework. Some of these shipping companies are hanging on by the skin of their teeth. It’s been a crazy couple of weeks. TBS International, for instance, was up like 80% on the same day it filed for bankruptcy.”
Most analysts say the recent upswing cannot be tied to one cause but a combination of factors including rumours, an uptick in global media coverage of maritime stocks, the bottoming of the Baltic Dry Index and increasing interest by short-sellers who are settling bets by buying back stocks to return to their brokers in a process known as “covering”, which can sometimes lift share prices.
“It’s a self-fulfilling prophecy,” one analyst explained. “CNBC and other talking heads say the shipping markets can’t get any worse plus you have massive short covering, John Fredriksen talking to the Financial Times, the BDI on the up, speculation- the gains are too big to say it’s just one of these factors which at face value look positive but at the end of the day alot of shipowners are in trouble due to lack of cash.”
Think of it this way, there was 4 million shares traded up and 1 million shares traded down. I would speculate that the end of day sell off was a combo of day traders taking their gains and scared sheep following the day traders lead. If you look at the "tale of the tape" you can see that it made a pretty nice recovery after the initial push down and help up nicely into the close (and there has been over 60K shares traded up after hours).