Euroseas Ltd. (NASDAQ:ESEA) Shares Shorted: Short Interest Up 66.2% in September

Key Points

• Euroseas short interest rose 66.2% to 55,584 shares as of September 15, representing about 1.8% of shares outstanding and 1.7 days of average trading volume.
• The stock traded at $71.75, within its 52-week range of $51.00 to $79.67. Euroseas recently beat quarterly earnings expectations, reporting $4.70 in EPS versus the $4.09 consensus estimate, and pays an annualized dividend of $3.20 per share, yielding approximately 4.5%.
• Analysts maintain a “Moderate Buy” consensus with a $93 price target, although ratings include both Buy and Hold recommendations. An insider sold 950 shares, while several institutional investors increased their positions.

Euroseas Ltd. (NASDAQ:ESEA - Get Free Report) saw a significant growth in short interest in September. As of September 15th, there was short interest totaling 55,584 shares, a growth of 66.2% from the August 31st total of 33,435 shares. Based on an average daily trading volume, of 32,533 shares, the short-interest ratio is presently 1.7 days. Approximately 1.8% of the shares of the stock are short sold.

Euroseas Price Performance

Shares of Euroseas stock traded up $1.12 during trading on Wednesday, hitting $71.75. 26,625 shares of the stock traded hands, compared to its average volume of 59,474. The stock has a market cap of $506.52 million, a price-to-earnings ratio of 3.69 and a beta of 0.41. The company has a quick ratio of 5.38, a current ratio of 5.46 and a debt-to-equity ratio of 0.36. Euroseas has a 52 week low of $51.00 and a 52 week high of $79.67. The firm's fifty day moving average is $75.11 and its 200-day moving average is $70.71.

Euroseas (NASDAQ:ESEA - Get Free Report) last released its earnings results on Thursday, August 13th. The shipping company reported $4.70 earnings per share for the quarter, topping analysts' consensus estimates of $4.09 by $0.61. Euroseas had a return on equity of 26.58% and a net margin of 59.98%.The company had revenue of $56.50 million during the quarter, compared to the consensus estimate of $55.98 million. Research analysts expect that Euroseas will post 18.03 EPS for the current fiscal year.

Euroseas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 9th were paid a $0.80 dividend. The ex-dividend date of this dividend was Wednesday, September 9th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.5%. Euroseas's dividend payout ratio is 16.47%.

Analyst Ratings Changes

A number of analysts have recently issued reports on ESEA shares. Zacks Research downgraded Euroseas from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Euroseas from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, August 14th. Finally, Freedom Broker initiated coverage on shares of Euroseas in a report on Tuesday. They issued a "buy" rating and a $93.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $93.00.

Insider Transactions at Euroseas

In related news, insider Symeon Pariaros sold 950 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $79.00, for a total transaction of $75,050.00. Following the completion of the transaction, the insider directly owned 1,900 shares in the company, valued at $150,100. The trade was a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 55.90% of the company's stock.

Hedge Funds Weigh In On Euroseas

Large investors have recently added to or reduced their stakes in the business. WINTON GROUP Ltd boosted its position in Euroseas by 33.1% during the second quarter. WINTON GROUP Ltd now owns 8,036 shares of the shipping company's stock valued at $533,000 after buying an additional 1,998 shares during the period. Navellier & Associates Inc. increased its holdings in shares of Euroseas by 94.8% in the second quarter. Navellier & Associates Inc. now owns 15,562 shares of the shipping company's stock worth $1,033,000 after buying an additional 7,575 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Euroseas in the 2nd quarter valued at about $423,000. Redhawk Wealth Advisors Inc. boosted its holdings in Euroseas by 36.2% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 4,149 shares of the shipping company's stock valued at $275,000 after acquiring an additional 1,102 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Euroseas by 4.2% during the 1st quarter. Renaissance Technologies LLC now owns 100,765 shares of the shipping company's stock valued at $6,736,000 after acquiring an additional 4,087 shares during the period. Hedge funds and other institutional investors own 6.27% of the company's stock.

Euroseas Company Profile

Euroseas Ltd. NASDAQ: ESEA is a shipping company that owns and operates containerships. The company primarily focuses on feeder and intermediate-size vessels, which transport containerized cargo on regional and international trade routes and connect smaller ports with major shipping hubs.

Euroseas charters its vessels to liner companies and other customers under a combination of time-charter and voyage arrangements. Its fleet serves global container transportation markets, with operations managed from Greece and vessels registered under international shipping jurisdictions.

Founded in 2005, Euroseas is led by Aristides Pittas, who serves as chairman and chief executive officer.

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