Euroseas Ltd. (NASDAQ:ESEA) Sees Significant Growth in Short Interest

by · The Cerbat Gem

Euroseas Ltd. (NASDAQ:ESEA – Get Free Report) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 34,000 shares, an increase of 27.8% from the March 15th total of 26,600 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average daily volume of 37,600 shares, the short-interest ratio is presently 0.9 days.

Institutional Trading of Euroseas

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised its stake in shares of Euroseas by 67.5% in the third quarter. Barclays PLC now owns 623 shares of the shipping company’s stock worth $30,000 after purchasing an additional 251 shares during the last quarter. Geode Capital Management LLC purchased a new position in Euroseas during the 3rd quarter worth approximately $248,000. Retireful LLC acquired a new stake in Euroseas during the 4th quarter valued at approximately $222,000. Exchange Traded Concepts LLC purchased a new stake in shares of Euroseas in the 4th quarter valued at $306,000. Finally, Sheaff Brock Investment Advisors LLC increased its stake in shares of Euroseas by 46.1% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 11,410 shares of the shipping company’s stock worth $413,000 after acquiring an additional 3,600 shares during the period. Institutional investors and hedge funds own 6.27% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on Euroseas in a research report on Saturday, March 22nd. They set a “buy” rating on the stock.

Read Our Latest Analysis on Euroseas

Euroseas Stock Performance

NASDAQ:ESEA traded up $0.48 during trading hours on Friday, hitting $29.40. 26,498 shares of the company were exchanged, compared to its average volume of 38,627. The company’s 50 day moving average price is $31.61 and its 200-day moving average price is $35.68. The stock has a market capitalization of $205.98 million, a price-to-earnings ratio of 1.81 and a beta of 0.66. Euroseas has a 52-week low of $26.30 and a 52-week high of $50.92. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.65 and a quick ratio of 1.59.

Euroseas Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 11th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 8.84%. This is an increase from Euroseas’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Tuesday, March 11th. Euroseas’s dividend payout ratio is presently 16.10%.

Euroseas Company Profile

(Get Free Report)

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.

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