Why Castor Maritime Stock Shot Higher This Week
The stock of international shipping company Castor Maritime (NASDAQ: CTRM) has been soaring this week. As the market heads into the final hours of trading for the week, shares of Castor Maritime are more than 37% higher than last Friday's closing price, according to data provided by S&P Global Market Intelligence.
Before investors get too excited about the stock's big move this week, they should realize that even after the monster gain, Castor Maritime shares are still down 50% over the last 12 months.
But shares have been on the upswing since they bottomed in late January. That's when a severe downtrend in the Baltic Dry Index (BDI) reversed a three-month-long decline. Castor Maritime sets its charter rates based on the BDI.
Source Fool.com
