Castor Maritime (CTRM) Stock Slumps 24% in a Month: A Good opportunity?

The dry bulk shipping company Castor Maritime (NASDAQ:CTRM) had been in the middle of a tough period in recent times and that has also been reflected in the company’s stock performance. Over the course of the past month, the stock has tanked by as much as 24% and it might be the right time for investors to look into it a bit more closely.

In this regard, it should be noted that June started on a strong note for Castor Maritime as the stock soared after the company managed to turn a profit after having suffered losses for many years.

It is perhaps even more alarming that the company’s stock has moved in the opposite direction from the Baltic Dry Index, which tracks the industry at large. Over the course of the past month, the Baltic Dry Index actually went up by as much as 36%.

As a matter of fact, the dry bulk shipping space is expected to continue to get a boost in the near future since shipping rates are likely going to go up considerably as most economies open up in a big way. Hence, it could be argued that investors might have better options on the market at this point than Castor Maritime, which recently had a reverse stock split as well.

Market Reaction:

On Friday, CTRM stock moved down 3.40% at $2.51 with more than 3.51 million shares, compared to its average volume of 65.58 million shares. The stock had moved within a range of $2.4600 – 2.6300 after opening the trade at $2.63. Over the past 52-week, the stock has been trading within a range of $0.1120 – 4.1000.