Euroseas Ltd. (NASDAQ:ESEA) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “EUROSEAS LTD. was formed under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Select Market under the ticker ESEA. Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. “
Euroseas (NASDAQ:ESEA) traded down 6.60% on Tuesday, reaching $1.84. 14,692 shares of the company’s stock were exchanged. The stock’s market cap is $15.08 million. Euroseas has a one year low of $1.40 and a one year high of $4.80. The firm has a 50 day moving average of $1.96 and a 200-day moving average of $2.07.
Euroseas (NASDAQ:ESEA) last announced its quarterly earnings data on Thursday, August 11th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.11) by $0.40. Euroseas had a negative net margin of 79.44% and a negative return on equity of 11.20%. The firm earned $7.30 million during the quarter, compared to analysts’ expectations of $9 million. Equities research analysts forecast that Euroseas will post ($1.54) EPS for the current fiscal year.
A hedge fund recently raised its stake in Euroseas stock. Renaissance Technologies LLC increased its position in shares of Euroseas Ltd. (NASDAQ:ESEA) by 1.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 124,070 shares of the company’s stock after buying an additional 2,300 shares during the period. Renaissance Technologies LLC owned approximately 1.51% of Euroseas worth $231,000 as of its most recent SEC filing. Institutional investors and hedge funds own 20.79% of the company’s stock.
Euroseas Ltd. is engaged in the shipping business. The Company is an owner and operator of drybulk and container carrier vessels and is a provider of seaborne transportation for drybulk and containerized cargoes. Eurobulk Ltd. manages the Company’s operations. The Company also owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers.
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