Castor Maritime Inc (NASDAQ:CTRM) Stock Extends Fall: Slumps 21% in a Month

Diversified global shipping firm Castor Maritime Inc (NASDAQ:CTRM) was in the news yesterday after the company made an announcement with regards to many of its vessels.

Market Stats

On Thursday, CTRM stock fell 1.46% at $2.0200 with more than 2.27 million shares, compared to its average volume of 3.53 million shares. The stock has moved within a range of $1.9500 – 2.0799 after opening the trade at $2.0700.

Announces New Charter Agreements

The announcement was an important one but it led to selloff in the stock and the decline in the Castor Maritime stock stood at 12% for the past week but the end of the day. In this regard, it is also necessary to note that the stock has performed poorly for the past month and has declined by 21% during the period.

The company noted that the M/V Magic Nova vessel, which is dry bulk carrier, was subject to a time charter contract and the situation with the dry bulk carrier M/V Magic Orion was also the same. The company made similar announcements with regards to two more of its vessels.

While the announcements were important ones, it did not lead to any particular optimism about the Castor Maritime stock among investors. However, at the same time, it cannot be denied that the update about the nature of the contracts for four of its vessels was an important one. It is now going to be interesting to see if the stock can make a recovery in the coming days.

Traders Corner

CTRM stock is trading below the 20-Day and 50-Day Moving averages of $2.27 and $2.39 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.32. The stock is down 17% in the past month.