Euroseas Ltd. (NASDAQ: ESEA)
Euroseas is having an incredible day in the market today, and a much needed one following recent declines that we’ve seen on the stock. Today, however, it’s been in the green all day and looks to be staying there. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to ESEA ahead.
What We’re Seeing From ESEA
As mentioned above, Euroseas is having an incredibly strong day in the market. Since the opening bell, the stock has been well into the green, and looks like it will stay there throughout the day. At the moment (9:54), ESEA is trading at $2.87 per share after a gain of $0.94 per share (48.70%) thus far today.
Why The Stock Is Gaining
Recently, ESEA, along with the rest of the shipping industry, has been dealing with big declines. Following the Donald Trump-fueled rally in the shipping industry, the entire sector has been in the midst of a correction, and rightfully so. After all, there were many in the sector that gained well over 1,000% in a matter of days. That simply wasn’t realistic.
Nonetheless, the market seems to move through a series of overreactions. Just like the massive gains were an overreaction to the Trump election and the Baltic Dry Index, recent declines have been an overreaction to the bubble. So, Euroseas is correcting once again, only this time it’s moving in the positive direction.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on a couple of things with regard to ESEA. First and foremost, we’ll be tracking the Baltic Dry Index, as this will tell us how the shipping industry is doing as a whole. Also, we’ll be keeping a close eye on President Trump’s moves as we transition. Finally, we’ll be keeping a focus on news specific to ESEA. After all, any stock-specific news will generally cause big movement.
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[Image Courtesy of Wikimedia]