Point Nemo Capital LLC Purchases 31,901 Shares of Global Ship Lease, Inc. $GSL

Key Points

• Point Nemo Capital increased its Global Ship Lease stake by 6,577.5% in the third quarter, buying 31,901 shares and ending the period with 32,386 shares worth about $1.43 million. Institutional investors collectively owned 50.08% of the stock.
• Analysts’ consensus rating was Buy, with an average price target of $51. Global Ship Lease beat quarterly estimates, reporting EPS of $2.48 versus $2.42 expected and revenue of $198.69 million, up 3.9% year over year.
• Company insiders sold 91,692 shares worth about $4.10 million over the prior 90 days. The stock opened at $39.05, within a 12-month range of $31.26 to $46.57.

Point Nemo Capital LLC lifted its position in shares of Global Ship Lease, Inc. (NYSE:GSL - Free Report) by 6,577.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,386 shares of the shipping company's stock after purchasing an additional 31,901 shares during the period. Point Nemo Capital LLC owned about 0.09% of Global Ship Lease worth $1,430,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Commonwealth Equity Services LLC grew its stake in shares of Global Ship Lease by 3.3% during the third quarter. Commonwealth Equity Services LLC now owns 43,207 shares of the shipping company's stock worth $1,907,000 after purchasing an additional 1,394 shares in the last quarter. Compass Financial Management LLC acquired a new stake in Global Ship Lease in the third quarter valued at $304,000. Lifetime Wealth Management P.C. raised its stake in Global Ship Lease by 6.4% in the third quarter. Lifetime Wealth Management P.C. now owns 16,523 shares of the shipping company's stock valued at $729,000 after buying an additional 1,000 shares in the last quarter. Prosperitas Financial LLC acquired a new stake in Global Ship Lease in the third quarter valued at $287,000. Finally, Apollon Wealth Management LLC lifted its holdings in Global Ship Lease by 42.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 39,003 shares of the shipping company's stock worth $1,722,000 after buying an additional 11,652 shares during the last quarter. 50.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GSL. Zacks Research raised Global Ship Lease from a "strong sell" rating to a "hold" rating in a report on Monday, July 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Global Ship Lease in a report on Thursday, October 15th. Jefferies Financial Group increased their price objective on Global Ship Lease from $45.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Wall Street Zen lowered Global Ship Lease from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, B. Riley Financial boosted their target price on Global Ship Lease from $48.00 to $52.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $51.00.

Global Ship Lease Stock Up 1.0%

Shares of NYSE:GSL opened at $39.05 on Friday. The firm has a 50 day simple moving average of $43.71 and a 200-day simple moving average of $40.60. Global Ship Lease, Inc. has a twelve month low of $31.26 and a twelve month high of $46.57. The company has a current ratio of 2.13, a quick ratio of 2.06 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $1.40 billion, a PE ratio of 3.76 and a beta of 1.03.

Global Ship Lease (NYSE:GSL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The shipping company reported $2.48 EPS for the quarter, beating analysts' consensus estimates of $2.42 by $0.06. Global Ship Lease had a net margin of 49.10% and a return on equity of 19.92%. The firm had revenue of $198.69 million for the quarter, compared to the consensus estimate of $186.85 million. During the same period last year, the firm posted $2.67 EPS. The company's revenue was up 3.9% on a year-over-year basis. On average, equities analysts predict that Global Ship Lease, Inc. will post 9.62 EPS for the current fiscal year.

Insider Activity at Global Ship Lease

In other Global Ship Lease news, insider Georgios Giannopoulos sold 7,692 shares of the company's stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $45.08, for a total value of $346,755.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ulrike Helfer sold 4,000 shares of the company's stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $44.82, for a total transaction of $179,280.00. Following the completion of the transaction, the director owned 8,503 shares of the company's stock, valued at $381,104.46. This represents a 31.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 91,692 shares of company stock valued at $4,104,852 in the last ninety days. 7.40% of the stock is currently owned by insiders.

About Global Ship Lease

Global Ship Lease, Inc NYSE: GSL is a containership owner and chartering company. It owns and manages a fleet of mid-sized and smaller containerships, which are vessels designed to transport containerized cargo such as manufactured goods, consumer products and industrial materials.

The company primarily generates revenue by chartering its vessels to container shipping companies under fixed-rate time charter agreements. Its customers operate liner services that connect major ports and trade routes worldwide, allowing Global Ship Lease to participate in global seaborne commerce while its charterers manage cargo transportation and logistics.

Global Ship Lease was founded in 2007 and completed its initial public offering in 2008.

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