Zacks Investment Research Downgrades Euroseas (NASDAQ:ESEA) to Sell

Zacks Investment Research cut shares of Euroseas (NASDAQ:ESEA) from a buy rating to a sell rating in a research note published on Wednesday 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. “

Several other equities analysts have also weighed in on ESEA. Maxim Group set a $1.00 price objective on 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, May 30th.

Shares of ESEA opened at $0.63 on Wednesday. The company has a current ratio of 0.54, a quick ratio of 0.41 and a debt-to-equity ratio of 21.13. The company has a market capitalization of $8.13 million, a price-to-earnings ratio of -2.17 and a beta of 0.83. The stock has a 50 day moving average of $0.61 and a 200 day moving average of $0.65. Euroseas has a 12 month low of $0.51 and a 12 month high of $3.87.

Euroseas (NASDAQ:ESEA) last announced its quarterly earnings data on Tuesday, May 28th. The shipping company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.03). Euroseas had a negative net margin of 2.34% and a negative return on equity of 76.01%. The firm had revenue of $8.73 million for the quarter, compared to the consensus estimate of $8.37 million. As a group, equities research analysts predict that Euroseas will post -0.11 earnings per share for the current 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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