Here's Why DryShips Inc.'s Stock Is Soaring Today

Here's Why DryShips Inc.'s Stock Is Soaring Today

Shares of DryShips (NASDAQ: DRYS) soared on Friday and were up 11% at 2:45 p.m. EDT. Driving the move higher was a filing showing that founder and CEO George Economou upped his stake in the company.

Earlier today, DryShips's CEO said that he now owns 69.5% of the company's outstanding shares. That's up from the 53.5% stake he reported in a 13D filing last month. These purchases are all part of the shipping company's recent commitment to curb its dilutive stock sales.

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Source: Fool.com