Short Interest in Artesian Resources Corporation (NASDAQ:ARTNA) Grows By 29.8%

Artesian Resources Corporation (NASDAQ:ARTNA) saw a large increase in short interest in the month of January. As of January 15th, there was short interest totaling 76,813 shares, an increase of 29.8% from the December 31st total of 59,196 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average daily volume of 28,110 shares, the days-to-cover ratio is presently 2.7 days. Based on an average daily volume of 28,110 shares, the days-to-cover ratio is presently 2.7 days. Currently, 0.9% of the company’s shares are short sold.

Institutional Investors Weigh In On Artesian Resources

Hedge funds have recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. purchased a new stake in Artesian Resources during the 2nd quarter worth approximately $5,034,000. Hotchkis & Wiley Capital Management LLC bought a new position in Artesian Resources during the 3rd quarter valued at $3,048,000. Prospera Financial Services Inc acquired a new position in Artesian Resources during the 2nd quarter worth $2,034,000. Teton Advisors LLC acquired a new position in Artesian Resources during the 3rd quarter worth $1,021,000. Finally, CSM Advisors LLC acquired a new stake in shares of Artesian Resources in the 2nd quarter valued at about $1,005,000. Institutional investors and hedge funds own 57.37% of the company’s stock.

Artesian Resources Price Performance

Shares of ARTNA stock opened at $33.36 on Monday. The firm has a fifty day simple moving average of $32.12 and a 200-day simple moving average of $32.59. The company has a market capitalization of $343.94 million, a PE ratio of 15.23 and a beta of 0.36. Artesian Resources has a twelve month low of $29.97 and a twelve month high of $36.19. The company has a current ratio of 0.68, a quick ratio of 0.54 and a debt-to-equity ratio of 0.70.

Artesian Resources (NASDAQ:ARTNA) last issued its quarterly earnings data on Friday, October 31st. The utilities provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. The firm had revenue of $30.49 million for the quarter, compared to analyst estimates of $30.00 million. Artesian Resources had a net margin of 20.72% and a return on equity of 9.51%. Equities research analysts anticipate that Artesian Resources will post 1.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Zacks Research cut Artesian Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Artesian Resources in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Artesian Resources Company Profile

Artesian Resources Corporation (NASDAQ: ARTNA) is a publicly traded water and wastewater utility company headquartered in Wilmington, Delaware. The company provides regulated water distribution and wastewater collection services to residential, commercial and industrial customers. Through its operating subsidiaries, Artesian is subject to oversight by public utility commissions in Delaware, Maryland and Pennsylvania, ensuring the delivery of safe, high-quality water in compliance with state and federal standards.

Traced back to its roots as the Artesian Water Company founded in 1905, the organization has expanded its footprint through a combination of organic growth and strategic acquisitions.