Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) Short Interest Up 21.1% in August

Key Points

• Odyssey Marine Exploration experienced a 21.1% increase in short interest in August, raising the total to 3,500,000 shares, which represents 8.4% of the company's total shares.
• Major shareholder Juan Antonio Cortina sold 473,591 shares at $1.72 each, reducing his stake by 16.47%, while insiders have collectively sold 979,100 shares over the last 90 days.
• Odyssey Marine Exploration's stock rose 4.2% during midday trading, reaching $1.75, with a trading volume of 1,819,887 shares on Thursday.

Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Get Free Report) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 3,500,000 shares, an increase of 21.1% from the August 15th total of 2,890,000 shares. Approximately 8.4% of the shares of the stock are sold short. Based on an average trading volume of 2,730,000 shares, the days-to-cover ratio is presently 1.3 days. Based on an average trading volume of 2,730,000 shares, the days-to-cover ratio is presently 1.3 days. Approximately 8.4% of the shares of the stock are sold short.

Insider Buying and Selling at Odyssey Marine Exploration

In other news, major shareholder Gallardo Juan Antonio Cortina sold 409,100 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $1.70, for a total transaction of $695,470.00. Following the completion of the sale, the insider directly owned 1,991,998 shares in the company, valued at approximately $3,386,396.60. This represents a 17.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 979,100 shares of company stock worth $1,673,942. Corporate insiders own 8.00% of the company's stock.

Hedge Funds Weigh In On Odyssey Marine Exploration

A number of institutional investors have recently bought and sold shares of the stock. Voisard Asset Management Group Inc. grew its position in shares of Odyssey Marine Exploration by 59.1% during the second quarter. Voisard Asset Management Group Inc. now owns 35,000 shares of the business services provider's stock valued at $41,000 after purchasing an additional 13,000 shares in the last quarter. L. Roy Papp & Associates LLP bought a new stake in shares of Odyssey Marine Exploration during the first quarter valued at approximately $61,000. Two Seas Capital LP raised its stake in shares of Odyssey Marine Exploration by 2,449.0% during the fourth quarter. Two Seas Capital LP now owns 2,549,049 shares of the business services provider's stock valued at $1,835,000 after acquiring an additional 2,449,049 shares in the last quarter. Finally, Two Sigma Investments LP bought a new position in Odyssey Marine Exploration in the fourth quarter worth approximately $25,000. 49.96% of the stock is owned by institutional investors.

Odyssey Marine Exploration Price Performance

Odyssey Marine Exploration stock traded up $0.07 during midday trading on Friday, hitting $1.82. 2,312,797 shares of the company's stock were exchanged, compared to its average volume of 2,471,548. Odyssey Marine Exploration has a 52-week low of $0.27 and a 52-week high of $2.25. The stock has a 50-day moving average price of $1.62 and a two-hundred day moving average price of $1.11.

Odyssey Marine Exploration (NASDAQ:OMEX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 19th. The business services provider reported ($0.48) earnings per share (EPS) for the quarter. Odyssey Marine Exploration had a net margin of 174.35% and a negative return on equity of 14.85%. The business had revenue of $0.14 million for the quarter.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Odyssey Marine Exploration from a "hold" rating to a "sell" rating in a research note on Sunday, August 10th.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc, together with its subsidiaries, discovers, validates, and develops seafloor mineral resources worldwide. The company provides specialized mineral exploration, project development, and marine services to clients. Odyssey Marine Exploration, Inc was founded in 1994 and is headquartered in Tampa, Florida.