Nordic American Offshore Ltd (NYSE:NAO) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 1,766,095 shares, a drop of 28.8% from the August 31st total of 2,479,618 shares. Based on an average daily volume of 872,379 shares, the short-interest ratio is currently 2.0 days. Approximately 5.2% of the shares of the stock are sold short.

Separately, Zacks Investment Research lowered Nordic American Offshore from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st.

A number of institutional investors and hedge funds have recently bought and sold shares of NAO. Mackenzie Financial Corp purchased a new position in Nordic American Offshore during the first quarter valued at $1,140,000. Shah Capital Management boosted its holdings in shares of Nordic American Offshore by 42.7% during the 2nd quarter. Shah Capital Management now owns 1,130,000 shares of the shipping company’s stock valued at $1,412,000 after purchasing an additional 338,000 shares during the last quarter. DnB Asset Management AS boosted its holdings in shares of Nordic American Offshore by 3.8% during the 2nd quarter. DnB Asset Management AS now owns 8,306,217 shares of the shipping company’s stock valued at $10,383,000 after purchasing an additional 306,217 shares during the last quarter. Finally, Highland Capital Management LLC bought a new position in shares of Nordic American Offshore during the 2nd quarter valued at about $125,000. 26.67% of the stock is owned by institutional investors.

Nordic American Offshore (NYSE NAO) opened at 1.42 on Wednesday. The stock’s 50 day moving average price is $1.36 and its 200 day moving average price is $1.17. Nordic American Offshore has a 12 month low of $0.80 and a 12 month high of $3.90. The company’s market capitalization is $32.02 million.

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Nordic American Offshore Company Profile

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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