Danaos (NYSE:DAC) Stock Price Crosses Above 200 Day Moving Average After Earnings Miss

Danaos Co. (NYSE:DAC)’s stock price crossed above its 200-day moving average during trading on Monday after the company announced better than expected quarterly earnings. The stock has a 200-day moving average of $81.49 and traded as high as $81.64. Danaos shares last traded at $80.95, with a volume of 155,020 shares traded.

The shipping company reported $6.50 EPS for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.02). Danaos had a return on equity of 16.68% and a net margin of 56.16%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DAC. StockNews.com lowered shares of Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Jefferies Financial Group reiterated a “buy” rating and issued a $105.00 price objective on shares of Danaos in a report on Tuesday, November 12th.

Institutional Trading of Danaos

Several hedge funds have recently added to or reduced their stakes in DAC. Farther Finance Advisors LLC acquired a new stake in Danaos in the 3rd quarter valued at approximately $53,000. nVerses Capital LLC raised its holdings in shares of Danaos by 75.0% in the third quarter. nVerses Capital LLC now owns 700 shares of the shipping company’s stock valued at $61,000 after purchasing an additional 300 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Danaos by 37.7% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company’s stock worth $117,000 after purchasing an additional 400 shares in the last quarter. Allworth Financial LP boosted its holdings in Danaos by 340.1% during the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company’s stock worth $149,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Avior Wealth Management LLC grew its position in Danaos by 297.9% in the third quarter. Avior Wealth Management LLC now owns 1,870 shares of the shipping company’s stock valued at $162,000 after purchasing an additional 1,400 shares in the last quarter. Institutional investors and hedge funds own 19.01% of the company’s stock.

Danaos Price Performance

The company has a market cap of $1.57 billion, a P/E ratio of 2.80 and a beta of 1.42. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93. The company has a fifty day moving average price of $79.21 and a two-hundred day moving average price of $81.49.

Danaos Company Profile

Danaos Corporation, together with its subsidiaries, provides container and drybulk vessels services in Australia, Asia, and Europe. The company offers seaborne transportation services by operating vessels in the containership and drybulk sectors of the shipping industry. As of April 03, 2024, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.