Euroseas Ltd. (NASDAQ:ESEA) Shares Shorted: Short Interest Up 66.2% in September

Euroseas Ltd. (NASDAQ:ESEA) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 55,584 shares, an increase of 66.2% from the August 31st total of 33,435 shares. Currently, 1.8% of the company’s shares are sold short. Based on an average daily volume of 32,533 shares, the days-to-cover ratio is presently 1.7 days.

Euroseas Trading Up 1.6%

Shares of ESEA stock traded up $1.12 during trading hours on Wednesday, reaching $71.75. The company’s stock had a trading volume of 26,625 shares, compared to its average volume of 59,474. The company has a current ratio of 5.46, a quick ratio of 5.38 and a debt-to-equity ratio of 0.36. Euroseas has a one year low of $51.00 and a one year high of $79.67. The stock has a market capitalization of $506.52 million, a P/E ratio of 3.69 and a beta of 0.41. The firm’s fifty day simple moving average is $75.11 and its 200 day simple moving average is $70.71.

Euroseas (NASDAQ:ESEA) last announced its earnings results on Thursday, August 13th. The shipping company reported $4.70 EPS for the quarter, beating analysts’ consensus estimates of $4.09 by $0.61. Euroseas had a return on equity of 26.58% and a net margin of 59.98%.The company had revenue of $56.50 million during the quarter, compared to the consensus estimate of $55.98 million. Equities research analysts expect that Euroseas will post 18.03 EPS for the current year.

Euroseas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 9th were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Wednesday, September 9th. Euroseas’s payout ratio is presently 16.47%.

Insider Activity

In other news, insider Symeon Pariaros sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $79.00, for a total value of $75,050.00. Following the transaction, the insider owned 1,900 shares in the company, valued at approximately $150,100. This trade represents a 33.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 55.90% of the company’s stock.

Institutional Investors Weigh In On Euroseas

Several institutional investors and hedge funds have recently modified their holdings of ESEA. WINTON GROUP Ltd boosted its stake in shares of Euroseas by 33.1% during the 2nd quarter. WINTON GROUP Ltd now owns 8,036 shares of the shipping company’s stock valued at $533,000 after purchasing an additional 1,998 shares in the last quarter. Navellier & Associates Inc. increased its position in shares of Euroseas by 94.8% during the second quarter. Navellier & Associates Inc. now owns 15,562 shares of the shipping company’s stock valued at $1,033,000 after buying an additional 7,575 shares during the period. Public Employees Retirement System of Ohio bought a new position in Euroseas in the second quarter worth about $423,000. Redhawk Wealth Advisors Inc. lifted its holdings in Euroseas by 36.2% in the second quarter. Redhawk Wealth Advisors Inc. now owns 4,149 shares of the shipping company’s stock worth $275,000 after buying an additional 1,102 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Euroseas by 4.2% in the first quarter. Renaissance Technologies LLC now owns 100,765 shares of the shipping company’s stock worth $6,736,000 after buying an additional 4,087 shares during the period. 6.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ESEA shares. Weiss Ratings raised shares of Euroseas from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 14th. Freedom Broker initiated coverage on shares of Euroseas in a research note on Tuesday. They set a “buy” rating and a $93.00 price objective for the company. Finally, Zacks Research lowered shares of Euroseas from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $93.00.

About Euroseas

Euroseas Ltd. (NASDAQ: ESEA) is a shipping company that owns and operates containerships. The company primarily focuses on feeder and intermediate-size vessels, which transport containerized cargo on regional and international trade routes and connect smaller ports with major shipping hubs.

Euroseas charters its vessels to liner companies and other customers under a combination of time-charter and voyage arrangements. Its fleet serves global container transportation markets, with operations managed from Greece and vessels registered under international shipping jurisdictions.

Founded in 2005, Euroseas is led by Aristides Pittas, who serves as chairman and chief executive officer.