Eagle Bulk Shipping Inc. (NASDAQ:EGLE) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 2,586,607 shares, an increase of 184.0% from the June 15th total of 910,721 shares. Based on an average trading volume of 770,285 shares, the days-to-cover ratio is presently 3.4 days. Approximately 3.6% of the company’s shares are sold short.
A number of equities analysts recently issued reports on the company. BidaskClub cut Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Zacks Investment Research lowered Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th.
Shares of Eagle Bulk Shipping (NASDAQ EGLE) traded up 2.09% during midday trading on Friday, reaching $4.39. The company’s stock had a trading volume of 310,928 shares. The stock’s 50-day moving average is $4.53 and its 200-day moving average is $5.18. Eagle Bulk Shipping has a one year low of $4.06 and a one year high of $12.45.
Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings results on Monday, May 8th. The shipping company reported ($0.17) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.05. Eagle Bulk Shipping had a negative return on equity of 15.35% and a negative net margin of 131.02%. The company had revenue of $45.86 million for the quarter, compared to analysts’ expectations of $31.30 million. On average, analysts expect that Eagle Bulk Shipping will post ($0.59) EPS for the current year.
A number of hedge funds have recently bought and sold shares of the stock. Q Global Advisors LLC acquired a new stake in Eagle Bulk Shipping during the first quarter worth $8,180,000. Raynor Geoffrey boosted its stake in Eagle Bulk Shipping by 3.2% in the first quarter. Raynor Geoffrey now owns 763,198 shares of the shipping company’s stock worth $3,912,000 after buying an additional 23,468 shares in the last quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV boosted its stake in Eagle Bulk Shipping by 60.0% in the second quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 160,000 shares of the shipping company’s stock worth $757,000 after buying an additional 60,000 shares in the last quarter. Airain ltd acquired a new stake in Eagle Bulk Shipping during the first quarter worth $828,000. Finally, Goldman Sachs Group Inc. acquired a new stake in Eagle Bulk Shipping during the first quarter worth $821,000. Institutional investors own 13.96% of the company’s stock.
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About Eagle Bulk Shipping
Eagle Bulk Shipping Inc is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. The Company operates in the Handymax sector of the dry bulk industry, with particular emphasis on the Supramax class of vessels.
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