Short Interest in Euroseas Ltd. (NASDAQ:ESEA) Rises By 59.1%

Euroseas Ltd. (NASDAQ:ESEA) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totaling 40,900 shares, a growth of 59.1% from the August 31st total of 25,700 shares. Approximately 1.5% of the company’s shares are sold short. Based on an average daily trading volume, of 46,000 shares, the short-interest ratio is presently 0.9 days. Based on an average daily trading volume, of 46,000 shares, the short-interest ratio is presently 0.9 days. Approximately 1.5% of the company’s shares are sold short.

Euroseas Stock Down 0.6%

ESEA stock traded down $0.33 during mid-day trading on Monday, hitting $57.45. 7,626 shares of the company were exchanged, compared to its average volume of 37,922. The company has a market capitalization of $402.70 million, a PE ratio of 3.38 and a beta of 0.91. The company has a current ratio of 3.21, a quick ratio of 3.15 and a debt-to-equity ratio of 0.51. Euroseas has a twelve month low of $26.30 and a twelve month high of $66.00. The firm has a fifty day simple moving average of $59.28 and a 200 day simple moving average of $45.74.

Euroseas (NASDAQ:ESEA) last announced its quarterly earnings data on Wednesday, August 13th. The shipping company reported $4.20 earnings per share for the quarter, topping the consensus estimate of $3.87 by $0.33. The company had revenue of $57.23 million during the quarter, compared to analyst estimates of $53.31 million. Euroseas had a net margin of 53.75% and a return on equity of 28.56%. On average, research analysts forecast that Euroseas will post 15.15 earnings per share for the current fiscal year.

Euroseas Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 9th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Tuesday, September 9th. This represents a $2.80 annualized dividend and a yield of 4.9%. This is an increase from Euroseas’s previous quarterly dividend of $0.65. Euroseas’s dividend payout ratio (DPR) is 16.45%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ESEA. Maxim Group upped their price objective on shares of Euroseas from $57.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, June 23rd. Wall Street Zen raised shares of Euroseas from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Euroseas in a research note on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $62.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its holdings in Euroseas by 387.8% during the 2nd quarter. Bank of America Corp DE now owns 1,117 shares of the shipping company’s stock worth $50,000 after acquiring an additional 888 shares in the last quarter. Allworth Financial LP bought a new position in shares of Euroseas in the 2nd quarter worth about $45,000. Boston Partners lifted 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 buying an additional 4,647 shares during the last quarter. Geode Capital Management LLC bought a new position in shares of Euroseas in the 2nd quarter worth about $226,000. Finally, Commons Capital LLC bought a new position in shares of Euroseas in the 2nd quarter worth about $255,000. 6.27% of the stock is owned by institutional investors and hedge funds.

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.