C3is Inc. (NASDAQ:CISS) Sees Significant Drop in Short Interest

C3is Inc. (NASDAQ:CISS) was the recipient of a significant drop in short interest during the month of May. As of May 29th, there was short interest totaling 48,614 shares, a drop of 53.3% from the May 14th total of 104,053 shares. Based on an average daily volume of 3,292,520 shares, the short-interest ratio is presently 0.0 days. Currently, 9.0% of the company’s shares are short sold.

C3is Price Performance

Shares of NASDAQ CISS traded down $0.19 during midday trading on Friday, hitting $2.08. The company’s stock had a trading volume of 517,934 shares, compared to its average volume of 1,961,865. The business’s fifty day simple moving average is $3.62 and its two-hundred day simple moving average is $31.59. C3is has a 1 year low of $1.90 and a 1 year high of $831.59. The firm has a market capitalization of $1.12 million, a price-to-earnings ratio of 0.00 and a beta of 1.27.

C3is (NASDAQ:CISS) last posted its quarterly earnings data on Tuesday, May 19th. The company reported $5.24 EPS for the quarter. C3is had a net margin of 15.28% and a return on equity of 6.78%. The business had revenue of $23.15 million during the quarter.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d)” rating on shares of C3is in a research report on Friday, May 8th. Wall Street Zen upgraded shares of C3is from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CISS. Citadel Advisors LLC purchased a new position in shares of C3is in the third quarter valued at approximately $29,000. Wexford Capital LP boosted its stake in shares of C3is by 460.1% in the third quarter. Wexford Capital LP now owns 112,014 shares of the company’s stock valued at $240,000 after purchasing an additional 92,014 shares during the period. Finally, L1 Global Manager Pty Ltd purchased a new position in shares of C3is in the fourth quarter valued at approximately $198,000. Hedge funds and other institutional investors own 10.54% of the company’s stock.

C3is Company Profile

C3is Inc offers international seaborne transportation services. It provides its services to dry bulk charterers, including national and private industrial users, commodity producers and traders, oil producers, refineries, and commodities traders and producers. The company owns and operates a fleet of two drybulk carriers, which transport major bulks, such as iron ore, coal and grains, as well as minor bulks comprising bauxite, phosphate, and fertilizers, and one Aframax crude oil tanker that transports crude oil.