Globus Maritime (NASDAQ:GLBS) Stock Price Crosses Above 200 Day Moving Average - What's Next?

Key Points

• Globus Maritime shares crossed above their 200-day moving average, reaching $3.78 before closing at $3.62, versus the average of $2.58.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and a $5.00 average price target, while Maxim Group raised its target to $5.00 and maintained a Buy rating.
• The company beat quarterly expectations, reporting $0.19 in earnings per share versus estimates of $0.10 and revenue of $14.61 million versus $13.90 million; insiders own 59.2% of the stock, and a director recently purchased additional shares.

Globus Maritime Limited (NASDAQ:GLBS - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.58 and traded as high as $3.78. Globus Maritime shares last traded at $3.62, with a volume of 99,916 shares changing hands.

Wall Street Analysts Forecast Growth

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

Globus Maritime Price Performance

The stock has a market cap of $78.13 million, a P/E ratio of 10.97 and a beta of 0.31. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.77 and a quick ratio of 2.68. The business's fifty day moving average price is $3.31 and its 200 day moving average price is $2.58.

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, beating analysts' consensus estimates of $0.10 by $0.09. The company had revenue of $14.61 million for the quarter, compared to the consensus estimate of $13.90 million. Globus Maritime had a net margin of 12.72% and a return on equity of 3.80%.

Insiders Place Their Bets

In related news, Director Georgios Feidakis bought 114,766 shares of the business's stock in a transaction on Monday, July 13th. The shares were purchased at an average price of $2.75 per share, for a total transaction of $315,606.50. Following the completion of the transaction, the director directly owned 6,578,633 shares of the company's stock, valued at approximately $18,091,240.75. This represents a 1.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 59.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its holdings in shares of Globus Maritime by 96.8% during the 1st 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. NewEdge Advisors LLC grew its position in Globus Maritime by 189.4% during the 2nd quarter. NewEdge Advisors LLC now owns 46,939 shares of the shipping company's stock worth $140,000 after acquiring an additional 30,717 shares during the last quarter. Finally, AXQ Capital LP acquired a new position in Globus Maritime in the 2nd quarter worth about $39,000. 31.60% of the stock is currently owned by institutional investors and hedge funds.

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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