Wall Street analysts, Jefferies Group, upgraded one of the NYSE penny stocks, Excel Maritime Carriers Ltd. (NYSE: EXM) to a “hold” rating. Since then, shares in the penny stock have dropped -12.5%. EXM did gain 2.62% in the last trading session to close at $1.96.
EXM has a market capitalization of $168.43 Million with 85.93 Milion shares outstanding. Trading volume on EXM has decreased slightly at roughly half, 50%, in the last trading session compared to the 10 Day Average Volume: 1,252,537. 41.51% of EXM shares outstanding are Held by Insiders.
Bouncing off its 52-Week Low (12/30/2011) of $1.37, EXM has gained 35.17% YTD but is still far from its 52-Week High (4/8/2011) of $4.72. A bullish sign for EXM could also be that the NYSE listed penny stock reported $4.18 revenue per share and cash on hand of $0.63 per share according to their 6K filed for the period ended December 31, 2011.
EXM has been under scrutiny from the SEC for its business operations in political hot zones Iran , Syria and Sudan.
From a technical analysis perspective, RSI and MACD are both showing a bullish trend in EXM as RSI indicates 52.29, trending upward, and MACD is bullish above both the trigger and zero lines.
EXM provides sea borne dry bulk cargo transportation services worldwide, similar to OceanFreight (Formerly OCNF) which was our best penny stock pick of 2010, gaining 4,320% when DryShips acquired them. Many of the worst-performing dry bulk shippers during the last 2-3 years have remarkably outperformed the broader market for the past few months.
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