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

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. “

A number of other equities research analysts have also recently commented on the stock. Noble Financial started coverage on shares of Euroseas in a research report on Friday, September 21st. They set an “outperform” rating for the company. Maxim Group reissued a “buy” rating and set a $3.00 target price on shares of Euroseas in a research report on Monday, August 13th.

Shares of ESEA traded down $0.06 during mid-day trading on Wednesday, hitting $1.07. The company’s stock had a trading volume of 298,600 shares, compared to its average volume of 279,240. Euroseas has a 52-week low of $1.00 and a 52-week high of $3.87. The stock has a market capitalization of $13.30 million, a PE ratio of -2.82 and a beta of 0.49. The company has a debt-to-equity ratio of 9.79, a quick ratio of 0.49 and a current ratio of 0.67.

Euroseas (NASDAQ:ESEA) last announced its quarterly earnings results on Thursday, November 15th. The shipping company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.14). Euroseas had a negative return on equity of 8.84% and a net margin of 3.76%. The business had revenue of $8.35 million during the quarter, compared to analysts’ expectations of $8.32 million. Equities research analysts forecast that Euroseas will post 0.06 EPS for the current year.

A hedge fund recently raised its stake in Euroseas stock. Renaissance Technologies LLC boosted its position in shares of Euroseas Ltd. (NASDAQ:ESEA) by 98.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,395 shares of the shipping company’s stock after acquiring an additional 43,800 shares during the period. Renaissance Technologies LLC owned 0.78% of Euroseas worth $155,000 as of its most recent filing with the Securities & Exchange Commission. 2.38% of the stock is owned by institutional investors.

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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