Euroseas Ltd. (NASDAQ:ESEA) Short Interest Up 78.4% in July

Key Points

• Euroseas Ltd. experienced a significant increase in short interest, rising by 78.4% in July, reaching a total of 33,000 shares.
• Wall Street analysts have shown optimism, upgrading Euroseas to a buy rating and raising the target price from $57.00 to $62.00.
• The company declared a quarterly dividend of $0.65 per share, which reflects an annual yield of 5.0% and a payout ratio of 14.00%.

Euroseas Ltd. (NASDAQ:ESEA - Get Free Report) was the target of a large growth in short interest in the month of July. As of July 15th, there was short interest totaling 33,000 shares, agrowthof78.4% from the June 30th total of 18,500 shares. Based on an average daily volume of 33,900 shares, the days-to-cover ratio is presently 1.0 days. Approximately1.2% of the shares of the company are short sold. Approximately1.2% of the shares of the company are short sold. Based on an average daily volume of 33,900 shares, the days-to-cover ratio is presently 1.0 days.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ESEA shares. Wall Street Zen upgraded Euroseas from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Maxim Group lifted their target price on Euroseas from $57.00 to $62.00 and gave the company a "buy" rating in a research note on Monday, June 23rd.

Hedge Funds Weigh In On Euroseas

Several hedge funds have recently modified their holdings of ESEA. Bank of America Corp DE increased its position in shares of Euroseas by 1,611.0% during the 4th quarter. Bank of America Corp DE now owns 1,865 shares of the shipping company's stock valued at $68,000 after purchasing an additional 1,756 shares during the period. Commons Capital LLC acquired a new position in shares of Euroseas during the 2nd quarter valued at $255,000. Mariner LLC acquired a new position in shares of Euroseas during the 4th quarter valued at $306,000. Cubist Systematic Strategies LLC increased its position in shares of Euroseas by 4.6% during the 4th quarter. Cubist Systematic Strategies LLC now owns 10,813 shares of the shipping company's stock valued at $391,000 after purchasing an additional 471 shares during the period. Finally, Boston Partners increased its position in shares of Euroseas by 37.5% during the 1st quarter. Boston Partners now owns 17,045 shares of the shipping company's stock valued at $522,000 after purchasing an additional 4,647 shares during the period. 6.27% of the stock is currently owned by institutional investors and hedge funds.

Euroseas Stock Up 2.1%

Shares of Euroseas stock opened at $52.44 on Wednesday. The business's fifty day moving average price is $46.35 and its two-hundred day moving average price is $37.39. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.74 and a quick ratio of 1.68. The company has a market capitalization of $367.60 million, a P/E ratio of 2.82 and a beta of 0.83. Euroseas has a 1-year low of $26.30 and a 1-year high of $53.05.

Euroseas (NASDAQ:ESEA - Get Free Report) last announced its earnings results on Wednesday, June 18th. The shipping company reported $3.76 earnings per share for the quarter, beating the consensus estimate of $3.35 by $0.41. Euroseas had a return on equity of 31.70% and a net margin of 58.28%. The firm had revenue of $54.74 million for the quarter, compared to the consensus estimate of $53.92 million. During the same quarter in the previous year, the business earned $2.66 EPS. As a group, research analysts forecast that Euroseas will post 15.15 EPS for the current year.

Euroseas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Wednesday, July 9th were given a dividend of $0.65 per share. The ex-dividend date was Wednesday, July 9th. This represents a $2.60 annualized dividend and a dividend yield of 5.0%. Euroseas's dividend payout ratio (DPR) is 14.00%.

About Euroseas

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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