Short Interest in Artesian Resources Corporation (NASDAQ:ARTNA) Expands By 29.8%

Artesian Resources Corporation (NASDAQ:ARTNA) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totaling 76,813 shares, a growth of 29.8% from the December 31st total of 59,196 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 28,110 shares, the days-to-cover ratio is currently 2.7 days. Based on an average daily trading volume, of 28,110 shares, the days-to-cover ratio is currently 2.7 days. Currently, 0.9% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of equities analysts have issued reports on ARTNA shares. Zacks Research cut shares of Artesian Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Artesian Resources in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Artesian Resources currently has an average rating of “Reduce”.

Artesian Resources Stock Performance

Shares of ARTNA opened at $33.36 on Monday. Artesian Resources has a 1 year low of $29.97 and a 1 year high of $36.19. The company’s 50 day simple moving average is $32.12 and its 200 day simple moving average is $32.59. The company has a market capitalization of $343.94 million, a price-to-earnings ratio of 15.23 and a beta of 0.36. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.54 and a current ratio of 0.68.

Artesian Resources (NASDAQ:ARTNA) last released its earnings results on Friday, October 31st. The utilities provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.66 by $0.02. The firm had revenue of $30.49 million during the quarter, compared to analysts’ expectations of $30.00 million. Artesian Resources had a net margin of 20.72% and a return on equity of 9.51%. On average, sell-side analysts predict that Artesian Resources will post 1.92 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ARTNA. Quarry LP acquired a new stake in shares of Artesian Resources in the third quarter worth approximately $38,000. Jones Financial Companies Lllp raised its stake in Artesian Resources by 39.7% during the third quarter. Jones Financial Companies Lllp now owns 1,435 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 408 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Artesian Resources by 44.6% in the 2nd quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider’s stock valued at $55,000 after purchasing an additional 503 shares during the last quarter. Copeland Capital Management LLC purchased a new stake in shares of Artesian Resources during the 4th quarter valued at $63,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Artesian Resources by 422.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock valued at $125,000 after buying an additional 3,005 shares during the period. Institutional investors and hedge funds own 57.37% of the company’s stock.

Artesian Resources Company Profile

Artesian Resources Corporation (NASDAQ: ARTNA) is a publicly traded water and wastewater utility company headquartered in Wilmington, Delaware. The company provides regulated water distribution and wastewater collection services to residential, commercial and industrial customers. Through its operating subsidiaries, Artesian is subject to oversight by public utility commissions in Delaware, Maryland and Pennsylvania, ensuring the delivery of safe, high-quality water in compliance with state and federal standards.

Traced back to its roots as the Artesian Water Company founded in 1905, the organization has expanded its footprint through a combination of organic growth and strategic acquisitions.