Euroseas (NASDAQ:ESEA) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Euroseas shares rose above their 200-day moving average, reaching $73.48 before closing at $72.85, compared with the $70.92 average.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus rating and a $93 average price target, despite recent downgrades from Weiss Ratings and Zacks Research.
• Euroseas reported quarterly EPS of $4.70, beating estimates by $0.61, and maintains an annualized $3.20 dividend, yielding approximately 4.4%.

Shares of Euroseas Ltd. (NASDAQ:ESEA - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $70.92 and traded as high as $73.48. Euroseas shares last traded at $72.85, with a volume of 23,749 shares changing hands.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Weiss Ratings downgraded shares of Euroseas from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, October 2nd. Freedom Broker assumed coverage on Euroseas in a research note on Tuesday, September 29th. They issued a "buy" rating and a $93.00 price target on the stock. Finally, Zacks Research downgraded Euroseas from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Euroseas presently has an average rating of "Moderate Buy" and an average price target of $93.00.

Euroseas Trading Up 0.9%

The company has a quick ratio of 5.38, a current ratio of 5.46 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $514.32 million, a PE ratio of 3.75 and a beta of 0.62. The stock's fifty day moving average price is $74.67 and its two-hundred day moving average price is $70.92.

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

Euroseas Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 9th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Wednesday, September 9th. This represents a $3.20 annualized dividend and a dividend yield of 4.4%. Euroseas's payout ratio is 16.47%.

Insider Buying and Selling

In related news, insider Symeon Pariaros sold 950 shares of Euroseas stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $79.00, for a total value of $75,050.00. Following the sale, the insider owned 1,900 shares in the company, valued at $150,100. The trade was a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 55.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Euroseas

A number of institutional investors have recently added to or reduced their stakes in ESEA. Redhawk Wealth Advisors Inc. lifted its position in Euroseas by 36.2% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 4,149 shares of the shipping company's stock valued at $275,000 after acquiring an additional 1,102 shares during the period. State of Wyoming purchased a new stake in Euroseas in the first quarter worth about $323,000. Public Employees Retirement System of Ohio bought a new position in shares of Euroseas during the second quarter valued at approximately $423,000. WINTON GROUP Ltd lifted its holdings in shares of Euroseas by 33.1% during the second quarter. WINTON GROUP Ltd now owns 8,036 shares of the shipping company's stock valued at $533,000 after purchasing an additional 1,998 shares during the last quarter. Finally, Navellier & Associates Inc. lifted its holdings in shares of Euroseas by 94.8% during the second quarter. Navellier & Associates Inc. now owns 15,562 shares of the shipping company's stock valued at $1,033,000 after purchasing an additional 7,575 shares during the last quarter. Institutional investors own 6.27% of the company's stock.

About Euroseas

Euroseas Ltd. NASDAQ: ESEA is a shipping company that owns and operates containerships engaged in the transportation of containerized cargo. Its vessels generally serve the feeder and intermediate segments of the container shipping market, connecting smaller or regional ports with major international trade routes.

The company's fleet is employed primarily through time charters, voyage charters and pool arrangements, depending on market conditions and vessel characteristics. Euroseas serves customers involved in global commerce across a range of international and regional trading areas, with operations managed from Athens, Greece, and a corporate domicile in the Marshall Islands.

Euroseas was established in 2005 by the Pittas family, which has a long history in commercial shipping.

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