Globus Maritime (NASDAQ:GLBS) Shares Pass Above 200 Day Moving Average – Here’s Why

Globus Maritime Limited (NASDAQ:GLBS) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.97 and traded as high as $3.09. Globus Maritime shares last traded at $2.99, with a volume of 59,002 shares.

Analyst Upgrades and Downgrades

Several analysts recently commented on GLBS shares. Maxim Group raised their target price on Globus Maritime from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Weiss Ratings upgraded Globus Maritime from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, June 12th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Globus Maritime currently has a consensus rating of “Moderate Buy” and an average target price of $5.00.

Globus Maritime Price Performance

The company has a market capitalization of $64.52 million, a P/E ratio of 59.81 and a beta of 0.33. The business’s 50-day simple moving average is $2.29 and its 200 day simple moving average is $1.97. The company has a current ratio of 2.65, a quick ratio of 2.45 and a debt-to-equity ratio of 0.56.

Globus Maritime (NASDAQ:GLBS) last issued its quarterly earnings results on Thursday, June 11th. The shipping company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.10. The company had revenue of $12.25 million during the quarter, compared to analyst estimates of $10.40 million. Globus Maritime had a net margin of 1.72% and a return on equity of 0.47%.

Institutional Investors Weigh In On Globus Maritime

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC bought a new position in Globus Maritime during the 4th quarter valued at $127,000. Jane Street Group LLC acquired a new position in shares of Globus Maritime during the 4th quarter valued at $58,000. XTX Topco Ltd raised its stake in shares of Globus Maritime by 64.6% in the 4th quarter. XTX Topco Ltd now owns 21,209 shares of the shipping company’s stock worth $37,000 after buying an additional 8,327 shares in the last quarter. Finally, NewEdge Advisors LLC bought a new stake in shares of Globus Maritime in the 1st quarter worth $37,000. 31.60% of the stock is currently owned by institutional investors and hedge funds.

Globus Maritime Company Profile

Globus Maritime Ltd. is a dry bulk shipping company incorporated in the Republic of the Marshall Islands in 2007 and headquartered in Athens, Greece. The firm owns and operates a fleet of Capesize dry bulk carriers, each with a carrying capacity of approximately 170,000 to 180,000 deadweight tons (dwt). These vessels transport key commodities such as iron ore, coal and grains under time and voyage charter agreements.

After completing its initial public offering on the NASDAQ in 2014, Globus Maritime has pursued strategic fleet growth through acquisitions of modern secondhand vessels.