Euroseas (NASDAQ:ESEA) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Euroseas Ltd. shares have crossed above their 200-day moving average of $38.04, reaching a high of $52.00 during trading.
• Analysts are optimistic, with price targets increased; Maxim Group raised its price target from $57.00 to $62.00 while upgrading their rating to "buy".
• Euroseas reported $3.76 EPS for the recent quarter, exceeding expectations of $3.35, along with a net margin of 58.28% and revenue of $54.74 million.

Euroseas Ltd. (NASDAQ:ESEA - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $38.04 and traded as high as $52.00. Euroseas shares last traded at $51.33, with a volume of 30,532 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ESEA shares. Maxim Group lifted their target price on shares of Euroseas from $57.00 to $62.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Wall Street Zen raised shares of Euroseas from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st.

Euroseas Stock Performance

The firm's 50-day moving average price is $48.66 and its two-hundred day moving average price is $38.59. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.68 and a current ratio of 3.21. The stock has a market cap of $418.85 million, a price-to-earnings ratio of 3.51 and a beta of 0.83.

Euroseas (NASDAQ:ESEA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The shipping company reported $4.20 earnings per share for the quarter, beating the consensus estimate of $3.87 by $0.33. The firm had revenue of $57.23 million for the quarter, compared to analysts' expectations of $53.31 million. Euroseas had a net margin of 53.75% and a return on equity of 28.56%. On average, analysts expect that Euroseas Ltd. will post 15.15 EPS for the current fiscal year.

Euroseas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 9th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 4.7%. This is a boost from Euroseas's previous quarterly dividend of $0.65. The ex-dividend date is Tuesday, September 9th. Euroseas's payout ratio is currently 15.28%.

Institutional Trading of Euroseas

A number of institutional investors and hedge funds have recently bought and sold shares of ESEA. Renaissance Technologies LLC increased its stake in shares of Euroseas by 17.0% during the fourth quarter. Renaissance Technologies LLC now owns 115,078 shares of the shipping company's stock worth $4,166,000 after buying an additional 16,700 shares during the period. Millennium Management LLC increased its holdings in shares of Euroseas by 661.4% in the 4th quarter. Millennium Management LLC now owns 40,931 shares of the shipping company's stock valued at $1,482,000 after acquiring an additional 35,555 shares during the period. Marshall Wace LLP raised its position in Euroseas by 71.5% in the 4th quarter. Marshall Wace LLP now owns 40,703 shares of the shipping company's stock valued at $1,473,000 after purchasing an additional 16,969 shares during the last quarter. Lazard Asset Management LLC raised its position in Euroseas by 30.9% in the 4th quarter. Lazard Asset Management LLC now owns 30,165 shares of the shipping company's stock valued at $1,091,000 after purchasing an additional 7,127 shares during the last quarter. Finally, Novem Group acquired a new stake in shares of Euroseas during the fourth quarter worth $847,000. 6.27% of the stock is currently owned by hedge funds and other institutional investors.

Euroseas Company Profile

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.