Euroseas (NASDAQ:ESEA) Share Price Passes Above 200 Day Moving Average of $32.30

Euroseas Ltd. (NASDAQ:ESEA) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $32.30 and traded as high as $35.31. Euroseas shares last traded at $35.07, with a volume of 10,616 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Euroseas from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 20th.

Euroseas Stock Up 1.4 %

The firm’s 50 day simple moving average is $36.64 and its 200-day simple moving average is $32.30. The stock has a market capitalization of $245.70 million, a price-to-earnings ratio of 2.13 and a beta of 0.86. The company has a current ratio of 1.29, a quick ratio of 1.24 and a debt-to-equity ratio of 0.37.

Euroseas (NASDAQ:ESEA) last posted its quarterly earnings data on Wednesday, February 21st. The shipping company reported $3.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.85 by ($0.24). The business had revenue of $50.69 million during the quarter, compared to the consensus estimate of $50.97 million. Euroseas had a net margin of 60.50% and a return on equity of 45.15%. Equities analysts expect that Euroseas Ltd. will post 11.64 earnings per share for the current fiscal year.

Euroseas Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 8th were given a $0.60 dividend. The ex-dividend date was Thursday, March 7th. This is a boost from Euroseas’s previous quarterly dividend of $0.50. This represents a $2.40 annualized dividend and a dividend yield of 6.84%. Euroseas’s payout ratio is presently 14.58%.

Hedge Funds Weigh In On Euroseas

A number of institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC increased its position in Euroseas by 57.1% in the 2nd quarter. Millennium Management LLC now owns 136,234 shares of the shipping company’s stock valued at $3,256,000 after acquiring an additional 49,492 shares during the period. Quadrature Capital Ltd bought a new position in Euroseas during the third quarter worth $807,000. Walleye Capital LLC bought a new position in Euroseas during the first quarter worth $766,000. Acadian Asset Management LLC bought a new position in Euroseas during the third quarter worth $551,000. Finally, Janney Montgomery Scott LLC acquired a new position in Euroseas during the fourth quarter worth $447,000. 6.27% of the stock is currently owned by institutional investors and hedge funds.

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. As of May 02, 2023, it had a fleet of 18 vessels, including 11 feeder and 7 intermediate containerships with a cargo capacity of approximately 56, 061 twenty-foot equivalent unit.