Globus Maritime (NASDAQ:GLBS) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Globus Maritime shares moved above their 200-day moving average, reaching $3.76 and last trading at $3.64, compared with the $2.29 long-term average.
• Analyst sentiment is broadly positive: the stock has a consensus “Moderate Buy” rating and a $5.00 price target, while Maxim Group raised its target to $5.00.
• The company exceeded quarterly expectations, reporting EPS of $0.19 versus a $0.10 estimate and revenue of $14.61 million versus the $13.90 million consensus; an insider also purchased 114,766 shares.

Globus Maritime Limited (NASDAQ:GLBS - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.29 and traded as high as $3.76. Globus Maritime shares last traded at $3.64, with a volume of 152,791 shares changing hands.

Wall Street Analysts Forecast Growth

GLBS has been the topic of a number of recent research reports. Maxim Group boosted their price objective on Globus Maritime from $3.00 to $5.00 and gave the stock a "buy" rating in a research note on Monday, June 15th. Weiss Ratings raised Globus Maritime from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday. Finally, Wall Street Zen upgraded Globus Maritime to a "strong-buy" rating in a report on Saturday, July 18th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.00.

Globus Maritime Trading Down 2.2%

The firm has a market capitalization of $78.55 million, a PE ratio of 11.03 and a beta of 0.29. The company has a current ratio of 2.77, a quick ratio of 2.45 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average price of $2.92 and a two-hundred day moving average price of $2.29.

Globus Maritime (NASDAQ:GLBS - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The shipping company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.09. Globus Maritime had a net margin of 12.72% and a return on equity of 3.80%. The firm had revenue of $14.61 million for the quarter, compared to analyst estimates of $13.90 million.

Insider Activity

In related news, Director Georgios Feidakis acquired 114,766 shares of the firm's stock in a transaction dated Monday, July 13th. The shares were purchased at an average cost of $2.75 per share, for a total transaction of $315,606.50. Following the acquisition, the director owned 6,578,633 shares in the company, valued at $18,091,240.75. The trade was a 1.78% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 59.20% of the company's stock.

Institutional Trading of Globus Maritime

Several institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in Globus Maritime by 96.8% in the first quarter. Renaissance Technologies LLC now owns 143,100 shares of the shipping company's stock valued at $331,000 after purchasing an additional 70,400 shares during the period. Jane Street Group LLC purchased a new position in shares of Globus Maritime during the fourth quarter worth $58,000. XTX Topco Ltd boosted its position in shares of Globus Maritime by 64.6% during the fourth quarter. XTX Topco Ltd now owns 21,209 shares of the shipping company's stock worth $37,000 after buying an additional 8,327 shares during the period. Finally, NewEdge Advisors LLC acquired a new stake in shares of Globus Maritime in the first quarter valued at $37,000. Institutional investors and hedge funds own 31.60% of the company's stock.

About Globus Maritime

Globus Maritime Ltd. is a dry bulk shipping company incorporated in the Republic of the Marshall Islands in 2007 and headquartered in Athens, Greece. The firm owns and operates a fleet of Capesize dry bulk carriers, each with a carrying capacity of approximately 170,000 to 180,000 deadweight tons (dwt). These vessels transport key commodities such as iron ore, coal and grains under time and voyage charter agreements.

After completing its initial public offering on the NASDAQ in 2014, Globus Maritime has pursued strategic fleet growth through acquisitions of modern secondhand vessels.

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