For a second trading session in row, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) stock dives to a depth of below $1.
Maybe, the ongoing stock promotion and the increased these days interest of experienced in shorting divers will save SHIP from drowning.
On Tuesday, for the first time in its trading history, SHIP stock sank to the dangerous depth of the under $1 trading range. The share price dropped almost 12% down.
This was not occasional though. The volume traded exceeded four times the average for SHIP and said enough about investor unwillingness to keep at least the $1 status quo.
Regardless of the analysts’ opinion that SHIP will perform slightly better than the market and despite the announced optimistic financials for the second quarter of the year, investors did not stop the downward direction of the stock.
Yesterday, despite the announced by the company new time charter of one of its vessels, SHIP stock dived further and hit a new 52-week low at $0.915. The shares closed the session only 0.54% higher than the new low on almost three times the average volume.
Parallel to the announcement about the secured operating days for the next years of the above mentioned vessel, the disclosure about a SHIP stock promotion came out as well.
SHIP stock is actively promoted since this June, but as of yesterday, without attributable results. For yesterday’s campaign, the company will compensate the promoter with the usual $6,000 in cash per month for six months of investor relations services.[BANNER]
The company is paying the promoter $36,000 for twelve months of visibility program services. With no sarcasm about the “visibility” of SHIP stock this month, looks like the shares were surely visible for some promoter’s related parties and employees. In the stock promotional disclosure, it is stated that RedChip Companies, Inc. and its employees and affiliates may have positions and affect transactions in the securities or options of SHIP.
Hoping that the above mentioned parties are not radically speculative towards SHIP stock, maybe the visibility program will finally work as soon as the latest diving of SHIP shares is over.
And as a final note, apart from all the stock promotions and according to the technical RSI, SHIP stock hit the bottom and is in the oversold area. Which, along with the increasing presence of experienced in shorting divers, may be a strong signal that the price of SHIP stock may be finally pushed up.
