Short Interest in Euroseas Ltd. (NASDAQ:ESEA) Increases By 78.4%

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 recipient of a significant 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. Currently,1.2% of the company's shares are sold short. Based on an average daily volume of 33,900 shares, the days-to-cover ratio is currently 1.0 days. Based on an average daily volume of 33,900 shares, the days-to-cover ratio is currently 1.0 days. Currently,1.2% of the company's shares are sold short.

Analysts Set New Price Targets

ESEA has been the topic of a number of recent research reports. Maxim Group increased their price target on Euroseas from $57.00 to $62.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Wall Street Zen upgraded shares of Euroseas from a "hold" rating to a "buy" rating in a report on Saturday, June 21st.

Euroseas Stock Down 2.6%

Shares of Euroseas stock traded down $1.33 during trading on Friday, reaching $49.93. The company's stock had a trading volume of 25,157 shares, compared to its average volume of 36,796. Euroseas has a 1-year low of $26.30 and a 1-year high of $53.49. The company has a market cap of $349.86 million, a price-to-earnings ratio of 2.69 and a beta of 0.83. The company has a quick ratio of 1.68, a current ratio of 1.74 and a debt-to-equity ratio of 0.56. The company has a 50-day simple moving average of $47.15 and a two-hundred day simple moving average of $37.78.

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

Euroseas Announces Dividend

The business also recently disclosed 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 of this dividend was Wednesday, July 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.2%. Euroseas's dividend payout ratio is currently 14.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC lifted its position in shares of Euroseas by 4.6% in the fourth quarter. Cubist Systematic Strategies LLC now owns 10,813 shares of the shipping company's stock valued at $391,000 after acquiring an additional 471 shares in the last quarter. Allworth Financial LP acquired a new stake in shares of Euroseas in the second quarter valued at about $45,000. Bank of America Corp DE lifted its holdings in Euroseas by 1,611.0% in the 4th quarter. Bank of America Corp DE now owns 1,865 shares of the shipping company's stock worth $68,000 after buying an additional 1,756 shares in the last quarter. Boston Partners increased its position in shares of Euroseas by 37.5% in the 1st quarter. Boston Partners now owns 17,045 shares of the shipping company's stock worth $522,000 after purchasing an additional 4,647 shares during the last quarter. Finally, Geode Capital Management LLC bought a new stake in shares of Euroseas during the 2nd quarter valued at about $226,000. 6.27% of the stock is currently owned by hedge funds and other institutional investors.

Euroseas Company Profile

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.