$DRYS, a real case of to the moon and back

Ticker: $DRYS
Summary: In  November 2016, $DRYS, a failing Greek shipping company headed by the Greek billionaire George Economou, went price hulk and turned into a real life "to the moon" stock movement.  It only took about a week for the price to go from $4 to $117 and back!

To  the moon: In November 9, 2016, $DRYS, previously trading below $5 starting showing up in penny stock players radars.  Out of nowhere and with no apparent reason, the shipping company's stock, amid zero news, went about 200% making many penny stock traders thousands richer in a matter of a day.  The next day, the chatter grew even more and more people who did not want to miss out, bought in causing an impressive close of 1,500% reaching a high of about $117 before it closed at $112.  It was by then halted several times of the next three days and the decent started with some bounce until it eventually came down to where it started within few days after posting about 2,000% gains in only a matter of 5 trading days.

Many made milions while some hundreds of thousands.  I know because I was one of them.  I bought at $7 and sold at $80.  After selling it, it kept going higher, before I bought new position, I chickened out and stayed on the sidelines and watched how high it went without me and how fast it dropped.

What happened during that rare event was unchecked greed, false hope and stupidy.  What happened in the next six months was tripple that!  Here is why.

After reality started to settle in and bag holders who bought $DRYS $100 are caught holding hot potatoes, news broke that $DRYS is planning to issue a $200 million shares to raise capital to stay afloat.  Note that $DRYS is a failing company even before the impressive price exposion.

This caused massive selling causing the price to level at around $4.  By that time those  who are still holding $DRYS are  at 25%- 95% loss.  Some of them, based on my reading on  chatrooms, Twitter and Stocktwits are "hoping" and actually believed that they have reached the bottom.  They were wrong, very wrong.

Over the course of six months, $DRYS reversed split about 4 times, after it already reversed split three times in the past.  This caused massive dilution every time the split was effected.  At some point, $DRYS declared dividends amid losses just to keep investors interested while the company was offering shares causing double losses to previous holders as a result of dilution of shares!  Yet, people were buying and hoping it will do another massive 2,000% run!  

After those many splits, a $10,000 investment would have now been $0 after the reverse splits!

 If you notice the price in the chart above, your eyes are not playing tricks on you. Those numbers  are in billions split adjusted.  What a shit show

To this day, those who held, have already charged it to experience and moved on because someone who may have bought $100,000 and is still holding, may only have about few shares worth $4 each.

And that is the story of $DRYS.

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