Euroseas (NASDAQ:ESEA) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Euroseas (NASDAQ:ESEA) from a strong sell rating to a hold rating in a research note released on Monday morning, Zacks.com reports.

According to Zacks, “EUROSEAS LTD. was formed under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Select Market under the ticker ESEA. Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2000 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. “

Other equities research analysts have also issued reports about the stock. Maxim Group set a $1.00 price objective on shares of Euroseas and gave the company a buy rating in a report on Friday, August 9th. Noble Financial reissued a buy rating and set a $1.30 price objective on shares of Euroseas in a report on Thursday, August 22nd. Finally, ValuEngine lowered shares of Euroseas from a hold rating to a sell rating in a report on Thursday, October 10th.

Shares of ESEA traded down $0.05 during trading hours on Monday, reaching $0.68. 1,501 shares of the company traded hands, compared to its average volume of 247,654. The stock has a market capitalization of $9.37 million, a P/E ratio of -2.36 and a beta of 0.77. The company has a quick ratio of 0.41, a current ratio of 0.54 and a debt-to-equity ratio of 21.13. Euroseas has a 12-month low of $0.51 and a 12-month high of $3.87. The business has a fifty day moving average price of $0.69 and a 200-day moving average price of $0.66.

Euroseas (NASDAQ:ESEA) last announced its quarterly earnings data on Thursday, August 8th. The shipping company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.09). The company had revenue of $8.44 million for the quarter, compared to analysts’ expectations of $8.67 million. Euroseas had a negative net margin of 2.34% and a negative return on equity of 76.01%. As a group, research analysts predict that Euroseas will post -0.11 EPS for the current fiscal year.

About Euroseas

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers.

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