Nordic American Tankers (NYSE:NAT) Stock Gains Momentum: Now What?

The publication of a letter to investors and shareholders from a company can often prove to be a trigger for the company’s stock one way or another.

Market Stats

On Tuesday, NAT stock jumped 2.60% at $1.91 with more than 3.36 million shares, compared to its average volume of 2.63 million shares. The stock has moved within a range of $1.8300 – 1.9200 after opening trading at $1.88.

Recent News

In case of the company Nordic American Tankers (NYSE:NAT), such a letter from the company’s Chairman and Chief Executive Officer Herbjorn Hansson proved to be a boost for the stock. The Nordic American Tankers stock attracted considerable attention yesterday and ended the day with gains of as much as 3%. In this context, it might be a good time to take a look into the contents of the letter from Hansson.

In the letter, Hansson noted that after a board meeting of the company, it had been decided that the date of the reporting had been brought forward.

Earlier on the company had decided to publish its report on November 30, 2021, but after the advice from the board, it had been decided to publish the report on November 24. The company is going to publish the report this morning prior to the opening of the markets and hence, it is likely that the stock is going to come into focus during the premarket trading period and later.

Traders Corner

NAT stock is trading below the 20-Day and 50-Day Moving averages of $2.15 and $2.36 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.89. The stock is up 20% in the past month.

Jon Williams

Jon graduated from the University of Michigan with a degree in finance. He is an avid investor and enjoys reporting on the markets. When he is not in front of a computer he enjoys playing golf and watching basketball.