Euroseas Ltd. (NASDAQ:ESEA) Short Interest Down 36.4% in October

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

Euroseas Stock Up 2.5 %

Shares of ESEA opened at $42.77 on Friday. Euroseas has a fifty-two week low of $26.20 and a fifty-two week high of $50.92. The company’s fifty day moving average is $43.65 and its two-hundred day moving average is $40.75. The firm has a market cap of $299.82 million, a PE ratio of 2.53 and a beta of 0.88. The company has a quick ratio of 1.41, a current ratio of 1.46 and a debt-to-equity ratio of 0.52.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. StockNews.com downgraded Euroseas from a “buy” rating to a “hold” rating in a research report on Tuesday. Alliance Global Partners started coverage on shares of Euroseas in a research note on Monday, September 9th. They set a “buy” rating and a $60.00 price objective for the company.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC increased its position 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. Acadian Asset Management LLC grew its stake in Euroseas by 49.6% during the first quarter. Acadian Asset Management LLC now owns 71,763 shares of the shipping company’s stock worth $2,570,000 after buying an additional 23,796 shares during the period. Lazard Asset Management LLC increased its position in shares of Euroseas by 3,282.3% in the first 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. Beacon Capital Management LLC purchased a new position in shares of Euroseas in the 1st quarter valued at $36,000. Finally, Redhawk Wealth Advisors Inc. acquired a new position in shares of Euroseas during the 2nd quarter valued at $248,000. 6.27% of the stock is owned by hedge funds and other institutional investors.

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.