Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Sees Significant Increase in Short Interest
Eagle Bulk Shipping Inc. (NASDAQ:EGLE) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 5,869,000 shares, an increase of 13.6% from the July 31st total of 5,164,500 shares. Based on an average daily volume of 510,600 shares, the days-to-cover ratio is presently 11.5 days. Currently, 7.9% of the shares of the company are short sold.
Eagle Bulk Shipping stock traded up $0.03 during trading hours on Friday, reaching $5.01. 403,364 shares of the company’s stock traded hands, compared to its average volume of 400,611. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.85 and a current ratio of 1.03. The firm has a market capitalization of $365.80 million, a price-to-earnings ratio of 27.83 and a beta of 1.28. The firm’s 50 day moving average is $4.45 and its 200-day moving average is $4.89. Eagle Bulk Shipping has a fifty-two week low of $3.85 and a fifty-two week high of $5.98.
Eagle Bulk Shipping (NASDAQ:EGLE) last announced its quarterly earnings results on Monday, July 29th. The shipping company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). The company had revenue of $48.48 million during the quarter, compared to the consensus estimate of $49.96 million. Eagle Bulk Shipping had a net margin of 1.03% and a return on equity of 0.27%. Analysts predict that Eagle Bulk Shipping will post -0.05 EPS for the current year.
Several hedge funds have recently made changes to their positions in EGLE. Aperio Group LLC bought a new stake in shares of Eagle Bulk Shipping in the 2nd quarter valued at about $42,000. BNP Paribas Arbitrage SA increased its stake in shares of Eagle Bulk Shipping by 465.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,943 shares of the shipping company’s stock valued at $46,000 after acquiring an additional 8,185 shares during the last quarter. RMB Capital Management LLC bought a new stake in shares of Eagle Bulk Shipping in the 2nd quarter valued at about $83,000. Mraz Amerine & Associates Inc. bought a new stake in shares of Eagle Bulk Shipping in the 1st quarter valued at about $87,000. Finally, Paloma Partners Management Co bought a new stake in shares of Eagle Bulk Shipping in the 2nd quarter valued at about $98,000. 85.33% of the stock is owned by institutional investors.
A number of research firms have issued reports on EGLE. ValuEngine upgraded shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Jefferies Financial Group started coverage on shares of Eagle Bulk Shipping in a report on Tuesday, September 3rd. They issued a “buy” rating and a $6.00 price target on the stock. Noble Financial restated a “buy” rating and issued a $6.00 target price on shares of Eagle Bulk Shipping in a research note on Wednesday. BidaskClub downgraded shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Finally, Zacks Investment Research downgraded shares of Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $6.50.
Eagle Bulk Shipping Company Profile
Eagle Bulk Shipping, Inc is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.
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