In a report released today, James Jang from Maxim Group assigned a Buy rating to Euroseas (NASDAQ: ESEA), with a price target of $3. The company’s shares closed yesterday at $1.77, close to its 52-week low of $1.04.
“We are raising our price target for ESEA to $3 from $2.50, following the fleet expansion announcement. Euroseas will purchase two 2000-built feeder container ships and will have the option to purchase an additional two vessels.”
According to TipRanks.com, Jang is a 3-star analyst with an average return of 5.7% and a 50.0% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP , Nordic American Tanker, and Eagle Bulk Shipping.
Euroseas has an analyst consensus of Moderate Buy, with a price target consensus of $3.
Based on Euroseas’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $10.01 million and GAAP net loss of $1.04 million. In comparison, last year the company earned revenue of $7.34 million and had a GAAP net loss of $19.19 million.
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Euroseas Ltd. engages in the ocean transportation of dry bulk and containers through ownership and operation of dry bulk and container carriers. It provides ocean going transportation services.