Euroseas (NASDAQ:ESEA) Now Covered by Freedom Broker

Key Points

• Freedom Broker initiated coverage of Euroseas with a “buy” rating and a $93 price target, implying 32.09% upside from the prior close. The overall analyst consensus is “Moderate Buy,” also with a $93 target.
• Euroseas exceeded quarterly expectations, reporting $4.70 in EPS versus the $4.09 consensus and $56.50 million in revenue versus $55.98 million expected. Analysts forecast $18.03 in full-year EPS.
• ESEA shares traded at $70.41, while the company maintained strong liquidity and profitability metrics, including a 5.46 current ratio, 59.98% net margin, and 26.58% return on equity.

Investment analysts at Freedom Broker initiated coverage on shares of Euroseas (NASDAQ:ESEA - Get Free Report) in a note issued to investors on Tuesday, Benzinga reports. The firm set a "buy" rating and a $93.00 price target on the shipping company's stock. Freedom Broker's target price suggests a potential upside of 32.09% from the stock's previous close.

Several other brokerages have also issued reports on ESEA. Zacks Research lowered Euroseas from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded Euroseas from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, August 14th. Finally, Wall Street Zen upgraded Euroseas from a "hold" rating to a "buy" rating in a research report on Monday, June 1st. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.00.

Euroseas Stock Performance

ESEA stock traded up $1.20 during mid-day trading on Tuesday, hitting $70.41. 29,671 shares of the company were exchanged, compared to its average volume of 59,629. The business has a 50 day simple moving average of $75.16 and a 200-day simple moving average of $70.69. The company has a current ratio of 5.46, a quick ratio of 5.38 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $497.06 million, a PE ratio of 3.62 and a beta of 0.41. Euroseas has a 1-year low of $51.00 and a 1-year high of $79.67.

Euroseas (NASDAQ:ESEA - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The shipping company reported $4.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.09 by $0.61. Euroseas had a return on equity of 26.58% and a net margin of 59.98%.The business had revenue of $56.50 million during the quarter, compared to analysts' expectations of $55.98 million. On average, equities analysts forecast that Euroseas will post 18.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Symeon Pariaros sold 950 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $79.00, for a total value of $75,050.00. Following the transaction, the insider owned 1,900 shares in the company, valued at $150,100. This trade represents a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 55.90% of the company's stock.

Hedge Funds Weigh In On Euroseas

Hedge funds have recently bought and sold shares of the company. Redhawk Wealth Advisors Inc. raised its holdings in shares of Euroseas by 36.2% in the second quarter. Redhawk Wealth Advisors Inc. now owns 4,149 shares of the shipping company's stock valued at $275,000 after purchasing an additional 1,102 shares during the last quarter. State of Wyoming bought a new position in shares of Euroseas during the 1st quarter worth approximately $323,000. Public Employees Retirement System of Ohio bought a new position in shares of Euroseas during the 2nd quarter worth approximately $423,000. WINTON GROUP Ltd boosted its stake in shares of Euroseas by 33.1% in the 2nd quarter. WINTON GROUP Ltd now owns 8,036 shares of the shipping company's stock worth $533,000 after buying an additional 1,998 shares during the last quarter. Finally, Navellier & Associates Inc. grew its holdings in shares of Euroseas by 94.8% in the second quarter. Navellier & Associates Inc. now owns 15,562 shares of the shipping company's stock valued at $1,033,000 after acquiring an additional 7,575 shares in the last quarter. 6.27% of the stock is owned by hedge funds and other institutional investors.

About Euroseas

Euroseas Ltd. NASDAQ: ESEA is a shipping company that owns and operates containerships. The company primarily focuses on feeder and intermediate-size vessels, which transport containerized cargo on regional and international trade routes and connect smaller ports with major shipping hubs.

Euroseas charters its vessels to liner companies and other customers under a combination of time-charter and voyage arrangements. Its fleet serves global container transportation markets, with operations managed from Greece and vessels registered under international shipping jurisdictions.

Founded in 2005, Euroseas is led by Aristides Pittas, who serves as chairman and chief executive officer.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.