Don't forget there was only 1 million shares in the float last November, which made it real easy to push up to $100. For all intents and purposes even after GE's shares are unlocked, it seems highly unlikely he will be selling his stake in DRYS. Considering the $50 million share buy back, DRYS could end up with less than 20 million shares that are trading. That could easily be manipulated and move the pps up or down significantly.
Going forward though, there will clearly be fewer total outstanding shares. DGAS should help unlock some value for DRYS and DRYS shareholders; dry bulk rates will no doubt improve after this month (Chinese New Year ends); the dividend might have some positive affect?.
2 ongoing unknowns are the 6 OSVR vessels still at anchor and Heidmar. Heidmar could add something during the 1st quarter. Unclear what dividends might be coming or for that matter what the true value of the unit is. The OSVR fleet, which DRYS paid $120 million for, is rusting away at anchor. Time to off load them and re-purpose the capital?
On balance, DRYS like most shipping companies is trading at a fraction of book value. A lot of that has to do with shipping being an out of favor sector and negative revenues for several years. This is changing though. Should DRYS report positive revenues, perhaps that will start a sea change.