CTRM Stock Price Increases Over 10% Pre-Market: Why It Happened

By Amit Chowdhry ● February 8, 2021
  • The stock price of Castor Maritime Inc (NASDAQ: CTRM) is trading at over 10% pre-market today. This is why it happened.

The stock price of Castor Maritime Inc (NASDAQ: CTRM) is trading at over 10% pre-market today as of 6 AM ET. There is no direct news from the company, but it appears that it is being hyped on social media. 

Investors on social media are citing the short interest data. And there are investors in the /CTRM and /RobinhoodPennyStocks subreddit groups coordinating the buying of the company stock. Plus YouTube channel Trey’s Trades discussed the potential of CTRM based on its fundamentals and recent news.

Last week, the stock price of CTRM had increased nearly 7% on February 3 following news that the company announced that it entered — through a separate wholly-owned subsidiary — into an agreement to buy a 2009 Japan-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $14.5 million.

The acquisition is expected to be consummated by taking delivery of the vessel within the first quarter of this year and is subject to the satisfaction of certain customary closing conditions.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.