Zacks Investment Research upgraded shares of Euroseas Ltd. (NASDAQ:ESEA) from a strong sell rating to a hold rating in a research note released on Tuesday morning.
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. “
Shares of Euroseas (NASDAQ:ESEA) opened at 1.84 on Tuesday. The stock has a 50 day moving average price of $1.96 and a 200-day moving average price of $2.07. Euroseas has a one year low of $1.40 and a one year high of $4.80. The company’s market capitalization is $15.08 million.
Euroseas (NASDAQ:ESEA) last posted its quarterly earnings results on Thursday, August 11th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.11) by $0.40. The business earned $7.30 million during the quarter, compared to the consensus estimate of $9 million. Euroseas had a negative return on equity of 11.20% and a negative net margin of 79.44%. On average, equities research analysts expect that Euroseas will post ($1.54) EPS for the current year.
A hedge fund recently raised its stake in Euroseas stock. Renaissance Technologies LLC raised its stake in Euroseas Ltd. (NASDAQ:ESEA) by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 124,070 shares of the company’s stock after buying an additional 2,300 shares during the period. Renaissance Technologies LLC owned about 1.51% of Euroseas worth $231,000 at the end of the most recent reporting period. 20.79% of the stock is owned by hedge funds and other institutional investors.
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.