Clarkson Capital Downgrades Global Ship Lease (NYSE:GSL) to Hold

Global Ship Lease (NYSE:GSL - Get Free Report) was downgraded by analysts at Clarkson Capital from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday, Marketbeat reports. They currently have a $28.00 price target on the shipping company's stock. Clarkson Capital's price objective indicates a potential upside of 14.51% from the stock's previous close.

GSL has been the subject of several other reports. Jefferies Financial Group lifted their target price on shares of Global Ship Lease from $28.00 to $30.00 and gave the company a "buy" rating in a report on Monday, May 19th. Wall Street Zen upgraded shares of Global Ship Lease from a "hold" rating to a "buy" rating in a report on Thursday.

Global Ship Lease Stock Down 2.0%

Shares of GSL stock traded down $0.50 during trading hours on Thursday, hitting $24.45. 415,021 shares of the company's stock traded hands, compared to its average volume of 415,672. The stock's fifty day simple moving average is $22.02 and its two-hundred day simple moving average is $22.17. Global Ship Lease has a 12-month low of $17.73 and a 12-month high of $30.32. The stock has a market cap of $866.75 million, a price-to-earnings ratio of 2.71 and a beta of 1.10. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Global Ship Lease (NYSE:GSL - Get Free Report) last released its earnings results on Monday, May 19th. The shipping company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.38. Global Ship Lease had a net margin of 46.38% and a return on equity of 27.88%. The firm had revenue of $190.98 million during the quarter, compared to analyst estimates of $171.73 million. During the same period last year, the business earned $2.53 earnings per share. On average, analysts expect that Global Ship Lease will post 9.74 EPS for the current year.

Hedge Funds Weigh In On Global Ship Lease

A number of hedge funds have recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. raised its holdings in Global Ship Lease by 2.6% in the 1st quarter. Donald Smith & CO. Inc. now owns 3,220,085 shares of the shipping company's stock worth $73,579,000 after acquiring an additional 80,615 shares during the last quarter. Renaissance Technologies LLC grew its position in Global Ship Lease by 34.9% in the 4th quarter. Renaissance Technologies LLC now owns 629,750 shares of the shipping company's stock worth $13,747,000 after purchasing an additional 162,900 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Global Ship Lease in the 1st quarter worth approximately $13,304,000. Harbor Capital Advisors Inc. grew its position in Global Ship Lease by 1.3% in the 1st quarter. Harbor Capital Advisors Inc. now owns 526,769 shares of the shipping company's stock worth $12,037,000 after purchasing an additional 6,856 shares during the period. Finally, Foundry Partners LLC grew its position in Global Ship Lease by 1.5% in the 1st quarter. Foundry Partners LLC now owns 511,215 shares of the shipping company's stock worth $11,681,000 after purchasing an additional 7,470 shares during the period. 50.08% of the stock is currently owned by hedge funds and other institutional investors.

About Global Ship Lease

Global Ship Lease, Inc, together with its subsidiaries, engages in owning and chartering of containerships under fixed-rate charters to container shipping companies worldwide. As of March 11, 2024, it owned 68 mid-sized and smaller containerships, ranging from 2,207 to 11,040 twenty-foot equivalent unit (TEU), with an aggregate capacity of 375,406 TEU.