Short Interest in C3is Inc. (NASDAQ:CISS) Declines By 81.8%

C3is Inc. (NASDAQ:CISS) was the target of a significant decline in short interest during the month of April. As of April 15th, there was short interest totaling 10,631 shares, a decline of 81.8% from the March 31st total of 58,387 shares. Based on an average daily volume of 92,813 shares, the days-to-cover ratio is currently 0.1 days. Currently, 1.0% of the shares of the stock are sold short.

Institutional Trading of C3is

Hedge funds have recently bought and sold shares of the company. Wexford Capital LP lifted its position in C3is by 460.1% in the 3rd quarter. Wexford Capital LP now owns 112,014 shares of the company’s stock worth $240,000 after buying an additional 92,014 shares during the last quarter. Citadel Advisors LLC bought a new stake in C3is in the 3rd quarter worth approximately $29,000. Finally, L1 Global Manager Pty Ltd bought a new stake in C3is in the 4th quarter worth approximately $198,000. Institutional investors own 10.54% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of C3is to a “sell” rating in a research report on Saturday, February 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of C3is in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

C3is Stock Performance

NASDAQ:CISS traded down $0.01 during mid-day trading on Friday, reaching $0.42. The stock had a trading volume of 544,789 shares, compared to its average volume of 203,306. The firm has a 50 day moving average price of $1.08 and a two-hundred day moving average price of $14.44. C3is has a one year low of $0.41 and a one year high of $118.80.

Shares of C3is are set to reverse split before the market opens on Monday, April 27th. The 1-7 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, April 26th.

C3is (NASDAQ:CISS) last released its earnings results on Friday, February 20th. The company reported ($4.86) earnings per share for the quarter. The firm had revenue of $10.55 million during the quarter. C3is had a return on equity of 2.38% and a net margin of 30.13%.

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.