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

Key Points

• Globus Maritime shares crossed above their 200-day moving average, reaching $3.98 before closing at $3.69, compared with a 200-day average of $2.65.
• Analyst sentiment is moderately positive: the stock has an average rating of “Moderate Buy” and a $5.00 target price, while Maxim Group upgraded it to “Buy.”
• The company reported stronger-than-expected quarterly results, with EPS of $0.19 versus $0.10 expected and revenue of $14.61 million versus a $13.90 million consensus estimate; an insider also purchased 114,766 shares.

Globus Maritime Limited (NASDAQ:GLBS - 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 $2.65 and traded as high as $3.98. Globus Maritime shares last traded at $3.69, with a volume of 141,881 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GLBS shares. Wall Street Zen upgraded Globus Maritime to a "strong-buy" rating in a research report on Saturday, July 18th. Weiss Ratings upgraded Globus Maritime from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Finally, Maxim Group upped their target price on Globus Maritime from $3.00 to $5.00 and gave the company a "buy" rating in a report on Monday, June 15th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Globus Maritime has an average rating of "Moderate Buy" and an average target price of $5.00.

Globus Maritime Stock Down 4.2%

The business's 50 day simple moving average is $3.43 and its 200-day simple moving average is $2.65. The company has a market cap of $79.63 million, a price-to-earnings ratio of 11.18 and a beta of 0.31. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.68 and a current ratio of 2.77.

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

Insider Buying and Selling

In other news, Director Georgios Feidakis bought 114,766 shares of the company's stock in a transaction on Monday, July 13th. The shares were bought at an average cost of $2.75 per share, with a total value of $315,606.50. Following the transaction, the director directly owned 6,578,633 shares in the company, valued at approximately $18,091,240.75. This trade represents a 1.78% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 59.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Maritime

Institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC grew its stake in shares of Globus Maritime by 189.4% in the 2nd quarter. NewEdge Advisors LLC now owns 46,939 shares of the shipping company's stock valued at $140,000 after buying an additional 30,717 shares in the last quarter. AXQ Capital LP bought a new position in Globus Maritime during the second quarter valued at approximately $39,000. Finally, Renaissance Technologies LLC raised its position in Globus Maritime by 96.8% during the first quarter. Renaissance Technologies LLC now owns 143,100 shares of the shipping company's stock valued at $331,000 after acquiring an additional 70,400 shares in the last quarter. 31.60% of the stock is currently owned by institutional investors and hedge funds.

About Globus Maritime

Globus Maritime Limited NASDAQ: GLBS is a dry bulk shipping company that owns and operates oceangoing vessels. The company transports bulk commodities for industrial and agricultural customers, including iron ore, coal, grain, steel products and other raw materials.

Globus Maritime's vessels serve international trade routes, connecting major ports and commodity-producing regions with markets around the world. The company generates revenue primarily through time-charter and voyage-charter arrangements, under which vessels are hired to transport cargo for specified periods or individual voyages.

The company is incorporated in the Marshall Islands and has historically operated from Athens, Greece, a major global shipping center.

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