Short Interest in Euroseas Ltd. (NASDAQ:ESEA) Rises By 107.3%

Key Points

• Short interest in Euroseas Ltd. rose by 107.3%, totaling 25,700 shares as of August 31st, with approximately 0.9% of its shares currently short sold.
• Wall Street analysts have upgraded Euroseas, with one firm raising its price target from $57.00 to $62.00 and consensus ratings shifting to a "Buy" status.
• Euroseas announced an increase in its quarterly dividend to $0.70 per share, with a current yield of 4.4% and a payout ratio of 16.45%.

Euroseas Ltd. (NASDAQ:ESEA - Get Free Report) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totaling 25,700 shares, an increase of 107.3% from the August 15th total of 12,400 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily volume of 46,700 shares, the days-to-cover ratio is currently 0.6 days. Based on an average daily volume of 46,700 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.9% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of Euroseas from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Maxim Group lifted their target price on shares of Euroseas from $57.00 to $62.00 and gave the company a "buy" rating in a report on Monday, June 23rd. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Euroseas has an average rating of "Buy" and a consensus price target of $62.00.

Euroseas Price Performance

Euroseas stock traded up $0.87 during trading on Friday, reaching $63.97. The company had a trading volume of 31,436 shares, compared to its average volume of 48,639. The firm's 50-day simple moving average is $55.60 and its 200 day simple moving average is $42.65. Euroseas has a 1-year low of $26.30 and a 1-year high of $65.50. The firm has a market capitalization of $448.43 million, a PE ratio of 3.76 and a beta of 0.94. The company has a debt-to-equity ratio of 0.51, a quick ratio of 3.15 and a current ratio of 3.21.

Euroseas (NASDAQ:ESEA - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The shipping company reported $4.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.87 by $0.33. Euroseas had a net margin of 53.75% and a return on equity of 28.56%. The firm had revenue of $57.23 million for the quarter, compared to analysts' expectations of $53.31 million. As a group, equities research analysts anticipate that Euroseas will post 15.15 earnings per share for the current fiscal year.

Euroseas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 9th will be paid a dividend of $0.70 per share. This is a boost from Euroseas's previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.80 annualized dividend and a yield of 4.4%. Euroseas's dividend payout ratio is presently 16.45%.

Institutional Investors Weigh In On Euroseas

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its stake in Euroseas by 661.4% during the 4th quarter. Millennium Management LLC now owns 40,931 shares of the shipping company's stock worth $1,482,000 after purchasing an additional 35,555 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Euroseas by 30.9% during the 4th quarter. Lazard Asset Management LLC now owns 30,165 shares of the shipping company's stock worth $1,091,000 after purchasing an additional 7,127 shares during the last quarter. Novem Group acquired a new stake in Euroseas during the 4th quarter worth $847,000. Raymond James Financial Inc. acquired a new stake in Euroseas during the 2nd quarter worth $870,000. Finally, Boston Partners boosted its stake in Euroseas by 37.5% during 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. Institutional investors and hedge funds own 6.27% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.