Like any other Reddit-fueled stocks are correcting, Castor Maritime Inc (NASDAQ: CTRM) stock has seen severe selling pressure from its 52-week high.
The stock fell almost 32% last week after the global shipping company priced its $125 million registered direct offering at $0.65 per share. After rallying over 900% in the first 6-week of this year, CTRM stock moved back to $0.51, a fall of 74% from its 52-week high of $1.96. Does the recent fall make the stock a good buy? Well, considering the overall economic situation, the stock may find it difficult to recover significantly unless the Reddit buzz comes back.
Technically, the stock is looking oversold as the RSI is near 28. Nevertheless, the stock is trading well below its key moving averages. So playing CTRM Stock for quick profit may be risky unless the stock reaches decisive multiple bottoms. So, keep an eye on the stock in the coming weeks and see if the CTRM stock can sustain above the $0.50 mark.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.