Nordic American Offshore Ltd (NYSE:NAO) shares saw unusually-high trading volume on Wednesday . Approximately 309,705 shares traded hands during mid-day trading, a decline of 4% from the previous session’s volume of 322,325 shares.The stock last traded at $1.42 and had previously closed at $1.42.

Separately, Zacks Investment Research lowered shares of Nordic American Offshore from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th.

The firm’s market capitalization is $32.02 million. The stock’s 50 day moving average is $1.36 and its 200-day moving average is $1.17.

A number of institutional investors have recently added to or reduced their stakes in NAO. Mackenzie Financial Corp bought a new position in Nordic American Offshore in the first quarter valued at $1,140,000. DnB Asset Management AS lifted its stake in Nordic American Offshore by 3.8% in the second quarter. DnB Asset Management AS now owns 8,306,217 shares of the shipping company’s stock valued at $10,383,000 after acquiring an additional 306,217 shares during the last quarter. Shah Capital Management lifted its stake in Nordic American Offshore by 42.7% in the second quarter. Shah Capital Management now owns 1,130,000 shares of the shipping company’s stock valued at $1,412,000 after acquiring an additional 338,000 shares during the last quarter. Finally, Highland Capital Management LLC acquired a new stake in Nordic American Offshore in the second quarter valued at $125,000. 26.67% of the stock is owned by institutional investors and hedge funds.

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About Nordic American Offshore

Nordic American Offshore Limited (NAO) operates platform supply vessels (PSV). The Company owns approximately eight vessels. The Company operates in the offshore support vessel market segment. The Company has approximately two vessels under construction. The Company’s vessels operate in the North Sea in both the term and spot market.

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