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

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. “

Shares of Euroseas (NASDAQ:ESEA) traded down 6.60% during mid-day trading on Tuesday, reaching $1.84. 14,692 shares of the company’s stock were exchanged. The company’s market capitalization is $15.08 million. The company’s 50-day moving average price is $1.96 and its 200-day moving average price is $2.07. Euroseas has a one year low of $1.40 and a one year high of $4.80.

Euroseas (NASDAQ:ESEA) last posted its earnings results on Thursday, August 11th. The company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by $0.40. The business had revenue of $7.30 million for the quarter, compared to analysts’ expectations of $9 million. Euroseas had a negative net margin of 79.44% and a negative return on equity of 11.20%. On average, equities analysts expect that Euroseas will post ($1.54) earnings per share for the current year.

An institutional investor recently raised its position in Euroseas stock. Renaissance Technologies LLC raised its position in shares of Euroseas Ltd. (NASDAQ:ESEA) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 124,070 shares of the company’s stock after buying an additional 2,300 shares during the period. Renaissance Technologies LLC owned 1.51% of Euroseas worth $231,000 at the end of the most recent quarter. 20.79% of the stock is owned by institutional investors.

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.

5 Day Chart for NASDAQ:ESEA

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