Zacks Investment Research upgraded shares of Euroseas Ltd. (NASDAQ:ESEA) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $5.00 price target on the stock.

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 up 33.03% during midday trading on Tuesday, hitting $5.80. 12,902,079 shares of the stock traded hands. Euroseas has a 52 week low of $1.04 and a 52 week high of $8.07. The firm’s market capitalization is $47.53 million. The company’s 50-day moving average is $1.79 and its 200 day moving average is $1.99.

Euroseas (NASDAQ:ESEA) last announced its quarterly earnings results on Thursday, November 10th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.14. Euroseas had a negative net margin of 100.89% and a negative return on equity of 13.56%. The company had revenue of $7.20 million for the quarter, compared to analysts’ expectations of $7.70 million. Analysts anticipate that Euroseas will post ($1.54) earnings per share for the current year.

About Euroseas

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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