Odyssey Marine (OMEX) Jumps Higher After Search For $260 Million in Silver Highlighted
Tweet
Share
E-mailGet Alerts OMEX Hot Sheet
Price: $3.61 +0.84%
Rating Summary:
1 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
1 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Join SI Premium – FREE
Shares of Odyssey Marine Exploration Inc. (Nasdaq: OMEX) are jumping higher Tuesday after a Bloomberg article highlighted the company’s search for millions of dollars of silver from the 1941 shipwreck of the S.S. Gairsoppa.
The article notes the company is attempting recover silver valued at as much as $260 million by October from the Gairsoppa, which was torpedoed by a Nazi submarine in 1941 and sunk off the Irish coast. There is an estimated 4-7 million ounces of silver at the site, according to the CEO, and the cost to search would be less than $10 million. The U.K. government said it would allow the company to keep about 80 percent of the bullion treasure.
Analyst Mark Argento at Craig-Hallum Capital Group called Odyssey Marine a "big idea" stock. "It’s got biotech-type returns without the massive upfront capital. he next few months should prove interesting," Argento said in a phone interview with Bloomberg
Shares of Odyssey Marine are up 12.4 percent to $3.08 midday. The stock is up 122 percent over the last year.
The article notes the company is attempting recover silver valued at as much as $260 million by October from the Gairsoppa, which was torpedoed by a Nazi submarine in 1941 and sunk off the Irish coast. There is an estimated 4-7 million ounces of silver at the site, according to the CEO, and the cost to search would be less than $10 million. The U.K. government said it would allow the company to keep about 80 percent of the bullion treasure.
Analyst Mark Argento at Craig-Hallum Capital Group called Odyssey Marine a "big idea" stock. "It’s got biotech-type returns without the massive upfront capital. he next few months should prove interesting," Argento said in a phone interview with Bloomberg
Shares of Odyssey Marine are up 12.4 percent to $3.08 midday. The stock is up 122 percent over the last year.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
- B. Riley Financial (RILY) touching day low of $27, giving back half the day's gains
- Unilever (UL) shares jump as sales growth accelerate in Q1
Create E-mail Alert Related Categories
Analyst Comments, Momentum Movers, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
