Danaos (NYSE:DAC) Stock Price Down 9.1%

Danaos Co. (NYSE:DAC)’s share price traded down 9.1% during trading on Wednesday . The company traded as low as $29.20 and last traded at $29.98. 1,179,789 shares changed hands during mid-day trading, an increase of 26% from the average session volume of 936,099 shares. The stock had previously closed at $32.98.

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group raised their price target on Danaos from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, December 9th. ValuEngine downgraded Danaos from a “sell” rating to a “strong sell” rating in a research note on Tuesday, December 1st. Finally, Citigroup boosted their price target on Danaos from $4.75 to $6.25 and gave the company a “neutral” rating in a research note on Monday, September 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. Danaos presently has an average rating of “Hold” and an average target price of $9.67.

The company has a market cap of $743.17 million, a price-to-earnings ratio of 4.80 and a beta of 1.56. The company has a current ratio of 0.75, a quick ratio of 0.71 and a debt-to-equity ratio of 1.32. The business has a fifty day moving average of $19.49 and a two-hundred day moving average of $9.84.

Danaos (NYSE:DAC) last announced its earnings results on Thursday, November 5th. The shipping company reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.86 by $0.05. Danaos had a return on equity of 17.25% and a net margin of 31.89%. The business had revenue of $118.93 million during the quarter, compared to analysts’ expectations of $115.38 million. On average, research analysts forecast that Danaos Co. will post 7.12 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the business. Lonestar Capital Management LLC grew its position in shares of Danaos by 8.4% in the third quarter. Lonestar Capital Management LLC now owns 472,400 shares of the shipping company’s stock valued at $3,467,000 after purchasing an additional 36,453 shares in the last quarter. PDT Partners LLC grew its position in shares of Danaos by 28.6% in the second quarter. PDT Partners LLC now owns 18,100 shares of the shipping company’s stock valued at $68,000 after purchasing an additional 4,021 shares in the last quarter. State of Tennessee Treasury Department purchased a new stake in shares of Danaos in the third quarter valued at approximately $88,000. Finally, Group One Trading L.P. purchased a new stake in shares of Danaos in the third quarter valued at approximately $63,000. 24.18% of the stock is owned by institutional investors and hedge funds.

About Danaos (NYSE:DAC)

Danaos Corporation, together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. The company offers seaborne transportation services, such as chartering its vessels to liner companies. As of October 12, 2020, it had a fleet of 63 containerships aggregating 385,769 twenty foot equivalent units in capacity.

Further Reading: Intrinsic Value

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