Danaos Co. (NYSE:DAC) Short Interest Up 18.5% in January

Danaos Co. (NYSE:DAC) was the target of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 399,600 shares, an increase of 18.5% from the January 15th total of 337,200 shares. Currently, 3.8% of the company’s stock are sold short. Based on an average daily trading volume, of 212,800 shares, the days-to-cover ratio is currently 1.9 days.

Shares of NYSE DAC traded down $0.06 during mid-day trading on Friday, hitting $6.85. The company had a trading volume of 120,785 shares, compared to its average volume of 139,274. The stock has a market cap of $140.38 million, a price-to-earnings ratio of 0.84 and a beta of 1.23. Danaos has a 12 month low of $5.36 and a 12 month high of $15.40. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.57 and a quick ratio of 0.53. The firm’s 50 day simple moving average is $7.80 and its two-hundred day simple moving average is $8.52.

Danaos (NYSE:DAC) last announced its quarterly earnings results on Monday, February 10th. The shipping company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.34. The business had revenue of $110.20 million for the quarter, compared to the consensus estimate of $103.20 million. Danaos had a return on equity of 19.63% and a net margin of 29.35%. Equities analysts forecast that Danaos will post 5.91 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Danaos in the 3rd quarter worth approximately $32,000. Creative Planning bought a new stake in Danaos during the 3rd quarter valued at $90,000. FNY Investment Advisers LLC bought a new stake in Danaos during the 4th quarter valued at $105,000. Marshall Wace LLP bought a new stake in Danaos during the 4th quarter valued at $132,000. Finally, Marshall Wace North America L.P. bought a new stake in Danaos during the 4th quarter valued at $140,000. 12.73% of the stock is currently owned by institutional investors and hedge funds.

DAC has been the topic of several analyst reports. ValuEngine downgraded Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, February 4th. Jefferies Financial Group upgraded Danaos from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Tuesday, December 3rd. Zacks Investment Research upgraded Danaos from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 4th. Finally, Citigroup initiated coverage on Danaos in a report on Thursday, January 30th. They set a “neutral” rating and a $8.00 target price on the stock.

About Danaos

Danaos Corporation, together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. The company offers seaborne transportation services, such as chartering its vessels to liner companies. As of February 28, 2019, it had a fleet of 55 containerships aggregating 327,616 twenty foot equivalent units in capacity.

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