Scorpio Bulkers (SALT) : Traders are bullish on Scorpio Bulkers (SALT) as it has outperformed the S&P 500 by a wide margin of 11.33% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 5.33%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 5.78% in the last 1 week, and is up 14.1% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Scorpio Bulkers (NYSE:SALT): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $3.27 and $3.23 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $3.49. The buying momentum continued till the end and the stock did not give up its gains. It closed at $3.48, notching a gain of 7.08% for the day. The total traded volume was 333,413 . The stock had closed at $3.25 on the previous day.
The stock has recorded a 20-day Moving Average of 10.46% and the 50-Day Moving Average is 7.85%. Scorpio Bulkers Inc. has dropped 4.4% during the last 3-month period . Year-to-Date the stock performance stands at -64.81%.
Scorpio Bulkers (SALT) stock is expected to deviate a maximum of $6.15 from the average target price of $7.1 for the short term period. 5 Street Experts have initiated coverage on the stock with the most promising target being $18 and the most muted being $3.
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.