AmTrust, DryShips Plunge into Tuesday’s 52-Week Low Club

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April 11, 2017: Here are four stocks trading with relatively heavy volume among 48 equities making new 52-week lows in Tuesday’s session. On the NYSE, advancers led decliners by about 3 to 2 and on the Nasdaq advancers led decliners by about 4 to 3.

AmTrust Financial Services Inc. (NASDAQ: AFSI) dropped about 28% Tuesday to post a new 52-week low of $13.51 after closing Monday at $18.87. The stock’s 52-week high is $28.48. Volume of about 19 million shares was about 9 times the daily average of around 2.1 million. A whistleblower report has resulted in an SEC probe into the company’s accounting practices.

DryShips Inc. (NASDAQ: DRYS) dropped more than 25% Tuesday to post a new reverse split-adjusted 52-week low of $1.78 after opening at $2.48 this morning. Volume was about 45% below the daily average of around 32 million pre-split shares. The company executed a 1-for-4 reverse stock split before markets opened this morning.

Top Ships Inc. (NASDAQ: TOPS) posted a new 52-week low of $0.49 on Tuesday, down about 0.6% compared with Monday’s closing price of $0.52. The stock’s 52-week high is $8.40. Volume was about 4 times the daily average of around 2.8 million shares. The company had no specific news.

Cytori Therapeutics Inc. (NASDAQ: CYTX) dropped nearly 38% Tuesday to post a new 52-week low of $1.07 after closing at $1.72 on Monday. The stock’s 52-week high is $5.40. Volume was 20 times the daily average of around 425,000 shares. The company priced a secondary offering of 8.6 million shares at $1.10 this morning. Investors hate that sort of thing.