Short Interest in Euroseas Ltd. (NASDAQ:ESEA) Declines By 36.4%

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

Hedge Funds Weigh In On Euroseas

Several large investors have recently modified their holdings of ESEA. Barclays PLC increased its position in shares of Euroseas by 67.5% during the 3rd quarter. Barclays PLC now owns 623 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 251 shares during the last quarter. Beacon Capital Management LLC bought a new position in shares of Euroseas during the 1st quarter valued at approximately $36,000. Redhawk Wealth Advisors Inc. bought a new position in shares of Euroseas during the 2nd quarter valued at approximately $248,000. Geode Capital Management LLC bought a new position in shares of Euroseas during the 3rd quarter valued at approximately $248,000. Finally, Lazard Asset Management LLC increased its position in shares of Euroseas by 3,282.3% during the 1st quarter. Lazard Asset Management LLC now owns 8,219 shares of the shipping company’s stock valued at $294,000 after purchasing an additional 7,976 shares during the last quarter. Institutional investors own 6.27% of the company’s stock.

Euroseas Trading Up 2.5 %

Shares of NASDAQ ESEA traded up $1.03 during trading hours on Friday, hitting $42.77. 42,757 shares of the company traded hands, compared to its average volume of 40,782. The stock has a market capitalization of $299.82 million, a price-to-earnings ratio of 2.53 and a beta of 0.88. The company has a current ratio of 1.46, a quick ratio of 1.41 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average price is $43.65 and its 200 day moving average price is $40.75. Euroseas has a 12 month low of $26.20 and a 12 month high of $50.92.

Wall Street Analyst Weigh In

ESEA has been the topic of a number of research reports. Alliance Global Partners initiated coverage on Euroseas in a research note on Monday, September 9th. They issued a “buy” rating and a $60.00 price objective on the stock. StockNews.com downgraded 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.