Short Interest in Euroseas Ltd. (NASDAQ:ESEA) Grows By 12.8%

Euroseas Ltd. (NASDAQ:ESEA) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 12,300 shares, a growth of 12.8% from the September 15th total of 10,900 shares. Based on an average trading volume of 42,300 shares, the short-interest ratio is presently 0.3 days. Approximately 0.4% of the company’s shares are sold short.

Hedge Funds Weigh In On Euroseas

A number of large investors have recently added to or reduced their stakes in ESEA. Virtu Financial LLC bought a new position in Euroseas during the 4th quarter worth about $350,000. Quadrature Capital Ltd increased its holdings in Euroseas by 51.4% during the 4th quarter. Quadrature Capital Ltd now owns 46,007 shares of the shipping company’s stock worth $1,434,000 after purchasing an additional 15,618 shares in the last quarter. CHURCHILL MANAGEMENT Corp bought a new position in Euroseas during the 1st quarter worth about $1,300,000. Janney Montgomery Scott LLC increased its holdings in Euroseas by 18.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,053 shares of the shipping company’s stock worth $611,000 after purchasing an additional 2,693 shares in the last quarter. Finally, Acadian Asset Management LLC increased its holdings in Euroseas by 49.6% during the 1st quarter. Acadian Asset Management LLC now owns 71,763 shares of the shipping company’s stock worth $2,570,000 after purchasing an additional 23,796 shares in the last quarter. Institutional investors own 6.27% of the company’s stock.

Euroseas Price Performance

ESEA opened at $43.13 on Thursday. The company has a quick ratio of 1.41, a current ratio of 1.46 and a debt-to-equity ratio of 0.52. Euroseas has a 12 month low of $22.50 and a 12 month high of $50.92. The company has a fifty day simple moving average of $44.89 and a 200 day simple moving average of $39.73. The stock has a market cap of $302.17 million, a P/E ratio of 2.83 and a beta of 0.85.

Euroseas (NASDAQ:ESEA) last released its quarterly earnings data on Tuesday, August 6th. The shipping company reported $4.92 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $2.43. Euroseas had a net margin of 57.36% and a return on equity of 38.07%. The business had revenue of $60.29 million during the quarter, compared to analysts’ expectations of $49.33 million. On average, research analysts expect that Euroseas will post 14.99 EPS for the current year.

Euroseas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Monday, September 9th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 5.56%. The ex-dividend date was Monday, September 9th. Euroseas’s dividend payout ratio (DPR) is presently 15.76%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ESEA. Noble Financial upgraded shares of Euroseas to a “strong-buy” rating in a research report on Wednesday, July 10th. StockNews.com upgraded shares of Euroseas from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Finally, Alliance Global Partners started coverage on shares of Euroseas in a research report on Monday, September 9th. They issued a “buy” rating and a $60.00 price objective for the company.

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.