Euroseas Ltd. (NASDAQ:ESEA) Sees Significant Decrease in Short Interest

Euroseas Ltd. (NASDAQ:ESEA) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 7,700 shares, a drop of 36.4% from the October 15th total of 12,100 shares. Currently, 0.3% of the company’s stock are sold short. Based on an average daily trading volume, of 45,300 shares, the days-to-cover ratio is presently 0.2 days.

Hedge Funds Weigh In On Euroseas

A number of institutional investors have recently made changes to their positions in the business. Inspire Investing LLC acquired a new stake in shares of Euroseas during the third quarter worth approximately $913,000. Acadian Asset Management LLC boosted its stake in Euroseas by 49.6% during the 1st quarter. Acadian Asset Management LLC now owns 71,763 shares of the shipping company’s stock valued at $2,570,000 after acquiring an additional 23,796 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Euroseas by 3,282.3% during the 1st quarter. Lazard Asset Management LLC now owns 8,219 shares of the shipping company’s stock worth $294,000 after acquiring an additional 7,976 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Euroseas by 18.8% in 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 during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Euroseas by 3.0% in the 2nd quarter. Renaissance Technologies LLC now owns 97,478 shares of the shipping company’s stock worth $3,403,000 after purchasing an additional 2,877 shares during the last quarter. 6.27% of the stock is owned by institutional investors and hedge funds.

Euroseas Trading Up 2.5 %

NASDAQ:ESEA opened at $42.77 on Friday. The stock has a market cap of $299.82 million, a price-to-earnings ratio of 2.53 and a beta of 0.88. Euroseas has a one year low of $26.20 and a one year high of $50.92. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.41 and a current ratio of 1.46. The business’s 50-day simple moving average is $43.65 and its 200 day simple moving average is $40.75.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Alliance Global Partners initiated coverage on shares of Euroseas in a research note on Monday, September 9th. They set a “buy” rating and a $60.00 price objective on the stock. StockNews.com downgraded shares of Euroseas from a “buy” rating to a “hold” rating in a research note on Tuesday.

Euroseas Company Profile

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.