Castor Maritime (NASDAQ:CTRM) is currently traded at $2 as the stock has had a bumpy ride in recent times. The dry bulk shipping sector has not been doing well, but for optimistic investors feeling that the industry will do well in the coming months, it is worth looking elsewhere.
In June, CTRM was trading at around $3.35, but since then, the stock has lost almost 40% of its value and currently trades at $2.15. Over that period, industry frontrunner Star Bulk Carriers (NASDAQ:SBLK) deemed an alternative has lost 13.9%.
Despite having a profitable Q1 2021, which is the first in almost two years, the stock looks worthless. To get insight into which CTRM could be worthless, one needs to consider that the company was incorporated in the Republic of the Marshall Islands, a country whose GDP as of 2019 was $4,073 compared to the US’s GDP of $63,543.60. That alone is a tipoff that CTRM is not among reputable businesses. Therefore, investors should be careful about investing in CTRM. On Friday, CTRM stock decreased 3.26% at $2.08 with more than 1.63 million shares, compared to its average volume of 29.66 million shares. The stock has moved within a range of $2.0400 – 2.1800 after opening the trade at $2.12.