Short Interest in Nordic American Offshore Ltd (NAO) Decreases By 88.8%
Nordic American Offshore Ltd (NYSE:NAO) was the recipient of a significant drop in short interest in January. As of January 31st, there was short interest totalling 180,274 shares, a drop of 88.8% from the January 15th total of 1,615,455 shares. Approximately 4.8% of the shares of the company are short sold. Based on an average daily volume of 39,731 shares, the short-interest ratio is currently 4.5 days.
An institutional investor recently bought a new position in Nordic American Offshore stock. Pzena Investment Management LLC acquired a new stake in shares of Nordic American Offshore Ltd (NYSE:NAO) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,027,064 shares of the shipping company’s stock, valued at approximately $1,966,000. Pzena Investment Management LLC owned approximately 3.27% of Nordic American Offshore at the end of the most recent quarter.
Separately, ValuEngine upgraded shares of Nordic American Offshore from a “hold” rating to a “buy” rating in a research note on Friday, November 2nd.
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Nordic American Offshore Company Profile
Nordic American Offshore Ltd. owns and operates platform supply vessels (PSVs). As of December 31, 2017, it had a fleet of 10 PSVs. The company operates its vessels in the United Kingdom and in the Norwegian sectors of the North Sea. Nordic American Offshore Ltd. was founded in 2013 and is based in Hamilton, Bermuda.
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