Danaos (NYSE:DAC) Raised to “Buy” at StockNews.com

Danaos (NYSE:DAC) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

Separately, Jefferies Financial Group reiterated a “buy” rating and issued a $105.00 target price on shares of Danaos in a research note on Tuesday, February 11th.

Danaos Stock Down 1.0 %

DAC traded down $0.78 on Monday, hitting $79.92. The company had a trading volume of 122,859 shares, compared to its average volume of 102,406. The stock has a fifty day moving average price of $80.13 and a 200-day moving average price of $81.34. Danaos has a 12-month low of $69.33 and a 12-month high of $98.25. 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 stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 3.08 and a beta of 1.41.

Danaos (NYSE:DAC) last issued its quarterly earnings results on Monday, February 10th. The shipping company reported $6.50 earnings per share for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.02). Danaos had a return on equity of 16.03% and a net margin of 49.81%. Analysts predict that Danaos will post 29.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Danaos

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Summit Securities Group LLC purchased a new position in shares of Danaos during the fourth quarter worth $32,000. Farther Finance Advisors LLC purchased a new position in shares of Danaos during the third quarter worth $53,000. New Age Alpha Advisors LLC purchased a new position in shares of Danaos during the fourth quarter worth $87,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Danaos by 37.7% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company’s stock worth $117,000 after buying an additional 400 shares during the period. Finally, Avior Wealth Management LLC boosted its position in shares of Danaos by 297.9% during the third quarter. Avior Wealth Management LLC now owns 1,870 shares of the shipping company’s stock worth $162,000 after buying an additional 1,400 shares during the period. Institutional investors and hedge funds own 19.01% of the company’s stock.

About Danaos

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.