Danaos (NYSE:DAC) Share Price Passes Above Two Hundred Day Moving Average After Earnings Miss

Danaos Co. (NYSE:DAC)’s share price passed above its 200-day moving average during trading on Monday following a better than expected earnings announcement. 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 trading hands.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on DAC. StockNews.com lowered Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Jefferies Financial Group reissued a “buy” rating and issued a $105.00 price target on shares of Danaos in a research report on Tuesday, November 12th.

Institutional Investors Weigh In On Danaos

Several hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. acquired a new position in Danaos in the 3rd quarter valued at approximately $935,000. Corsair Capital Management L.P. acquired a new position in shares of Danaos in the third quarter valued at $607,000. Verition Fund Management LLC bought a new position in Danaos in the third quarter worth $205,000. DGS Capital Management LLC boosted its stake in Danaos by 71.6% during the fourth quarter. DGS Capital Management LLC now owns 23,945 shares of the shipping company’s stock worth $1,917,000 after buying an additional 9,994 shares in the last quarter. Finally, State Street Corp increased its holdings in Danaos by 2.3% in the 3rd quarter. State Street Corp now owns 24,098 shares of the shipping company’s stock valued at $2,090,000 after buying an additional 547 shares during the period. 19.01% of the stock is owned by institutional investors.

Danaos Trading Up 1.1 %

The business’s 50 day moving average price is $79.21 and its 200-day moving average price is $81.49. The company has a market cap of $1.57 billion, a price-to-earnings 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.

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.