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DryShips (NASDAQ:DRYS) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 7,493,118 shares, a drop of 21.4% from the July 15th total of 9,538,968 shares, reports. Approximately 1.9% of the company’s shares are short sold. Based on an average trading volume of 4,145,603 shares, the days-to-cover ratio is currently 1.8 days.

Separately, analysts at Imperial Capital raised their price target on shares of DryShips from $2.75 to $4.00 in a research note on Tuesday, June 24th. They now have an “outperform” rating on the stock. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $3.50.

Shares of DryShips (NASDAQ:DRYS) opened at 3.07 on Wednesday. DryShips has a 52-week low of $1.87 and a 52-week high of $5.00. The stock has a 50-day moving average of $3.00 and a 200-day moving average of $3.24. The company’s market cap is $1.332 billion.

DryShips (NASDAQ:DRYS) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.01) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.05) by $0.04. The company had revenue of $527.70 million for the quarter, compared to the consensus estimate of $482.07 million. During the same quarter last year, the company posted ($0.05) earnings per share. DryShips’s revenue was up 57.1% compared to the same quarter last year.

DryShips Inc (NASDAQ:DRYS) is a holding company engaged in the ocean transportation services of drybulk cargoes and crude oil worldwide through the ownership and operation of drybulk carrier vessels and oil tankers and offshore drilling services through the ownership and operation of ultra-deepwater drilling units.

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