Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) Short Interest Update

Key Points

• Short interest jumped 93.8% in April to 5,575,640 shares, equal to about 10.4% of shares sold short and a days-to-cover ratio of 0.2.
• Odyssey will execute a 1-for-25 reverse split before the market opens on July 1, with share counts adjusted after the close on June 30.
• Several institutions materially increased stakes — notably Two Seas Capital (now 4,570,011 shares), Jefferies (1,500,000 shares) and Renaissance — leaving institutional ownership at about 49.96%.

Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Get Free Report) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totaling 5,575,640 shares, an increase of 93.8% from the March 31st total of 2,876,599 shares. Based on an average daily trading volume, of 29,290,418 shares, the days-to-cover ratio is presently 0.2 days. Currently, 10.4% of the shares of the company are sold short.

Institutional Investors Weigh In On Odyssey Marine Exploration

A number of institutional investors have recently added to or reduced their stakes in OMEX. Old West Investment Management LLC acquired a new stake in Odyssey Marine Exploration during the third quarter valued at approximately $7,170,000. Two Seas Capital LP boosted its holdings in Odyssey Marine Exploration by 219.4% during the third quarter. Two Seas Capital LP now owns 4,570,011 shares of the business services provider's stock valued at $8,912,000 after purchasing an additional 3,139,242 shares in the last quarter. Jefferies Financial Group Inc. boosted its holdings in Odyssey Marine Exploration by 275.0% during the fourth quarter. Jefferies Financial Group Inc. now owns 1,500,000 shares of the business services provider's stock valued at $2,940,000 after purchasing an additional 1,100,000 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Odyssey Marine Exploration by 1,428.9% during the fourth quarter. Renaissance Technologies LLC now owns 488,599 shares of the business services provider's stock valued at $958,000 after purchasing an additional 456,642 shares in the last quarter. Finally, Foundations Investment Advisors LLC acquired a new stake in Odyssey Marine Exploration during the third quarter valued at approximately $542,000. 49.96% of the stock is owned by institutional investors and hedge funds.

Odyssey Marine Exploration Stock Performance

NASDAQ OMEX traded down $0.01 during trading on Friday, reaching $0.92. 1,364,443 shares of the company traded hands, compared to its average volume of 15,646,368. The stock's 50 day moving average price is $1.24 and its two-hundred day moving average price is $1.87. The company has a market cap of $53.84 million, a price-to-earnings ratio of -0.82 and a beta of -0.49. Odyssey Marine Exploration has a 1-year low of $0.72 and a 1-year high of $4.43.

Odyssey Marine Exploration's stock is going to reverse split before the market opens on Wednesday, July 1st. The 1-25 reverse split was announced on Wednesday, April 8th. The number of shares owned by shareholders will be adjusted after the market closes on Tuesday, June 30th.

Odyssey Marine Exploration (NASDAQ:OMEX - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The business services provider reported ($0.34) earnings per share for the quarter. The business had revenue of $0.02 million during the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Odyssey Marine Exploration in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of "Sell".

Odyssey Marine Exploration Company Profile

Odyssey Marine Exploration, Inc NASDAQ: OMEX is a marine technology and deep-ocean exploration company specializing in the location, recovery, and preservation of underwater cultural heritage. The company employs advanced remotely operated vehicles (ROVs) and proprietary seabed mapping systems to carry out high-precision surveys and recovery operations at depths exceeding 6,000 meters. Odyssey Marine's mission centers on responsible stewardship of historic shipwrecks, valuable cargoes, and other submerged assets, combining maritime archaeology with commercially oriented salvage projects.

In addition to treasure recovery, Odyssey Marine offers a range of subsea services to support government, commercial, and scientific clients worldwide.

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