I am betting the story is not as bad as it sounds. I have been in and out of this stock a number of times in the last month but it went a bit south after my last purchase. I intend to hang a while but if it drops to the mid six's I am gone.
If I thought this was all retail, I would jump ship now but I think this was driven by institutional buying.
No doubt there is some retail buying into this but most of the buys look institutional by the size. What a day!!!
I have been in and out of NMM for a while and have had a generally positive sentiment towards the company but I did not expect this mini run. Nice!!!
I thought this might be a temporary move but it is still holding on good volume. Nice!
The divi announcement and schedule is right around the corner, people are angling to get in for that. They promised 44 but if we get really lucky and they have extra money following the secondary maybe we get a few more cents.
NAT does it and so does NMM, probably most of the tanker companies do. I have made a lot of money on tankers so I put up with it.
I sold too early today. I was happy to grab 50 cents a share on a couple day trade, I should have waited a few more hours. Ohh well, you can't cry about a nice profit.
NMM announced it will sell 5 million shares @ 14.26. Who wants to pay that when they can slowly pick it up for less? I don't even see the big institutional players diving down that road.