Zacks Investment Research Downgrades Euroseas Ltd. (ESEA) to Sell

Euroseas Ltd. (NASDAQ:ESEA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

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. “

Several other analysts have also recently weighed in on the stock. ValuEngine cut shares of Euroseas from a “sell” rating to a “strong sell” rating in a research note on Friday, June 2nd. Maxim Group reiterated a “buy” rating and set a $3.00 target price (up from $2.50) on shares of Euroseas in a research report on Wednesday, September 13th.

Shares of Euroseas (NASDAQ ESEA) opened at 1.70 on Friday. Euroseas has a 12-month low of $1.04 and a 12-month high of $8.07. The company’s market cap is $18.99 million. The stock’s 50 day moving average price is $1.45 and its 200-day moving average price is $1.37.

Euroseas (NASDAQ:ESEA) last issued its quarterly earnings data on Wednesday, August 9th. The shipping company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.10). The firm had revenue of $10.01 million for the quarter. Euroseas had a negative return on equity of 17.55% and a negative net margin of 77.39%. On average, equities research analysts forecast that Euroseas will post ($0.68) earnings per share for the current year.

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Euroseas Company Profile

Euroseas Ltd. is engaged in the shipping business. The Company is an owner and operator of drybulk and container carrier vessels and is a provider of seaborne transportation for drybulk and containerized cargoes. Eurobulk Ltd. manages the Company’s operations. The Company also owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers.

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