Global Ship Lease (NYSE:GSL) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Global Ship Lease, Inc. (NYSE:GSL) crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $40.53 and traded as low as $40.15. Global Ship Lease shares last traded at $40.1680, with a volume of 289,643 shares.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Global Ship Lease in a report on Thursday, October 15th. Jefferies Financial Group raised their price objective on shares of Global Ship Lease from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Zacks Research upgraded Global Ship Lease from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. B. Riley Financial boosted their target price on Global Ship Lease from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen cut Global Ship Lease from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $51.00.

Global Ship Lease Stock Down 3.8%

The stock has a market cap of $1.44 billion, a PE ratio of 3.86 and a beta of 0.98. The business has a fifty day moving average of $44.13 and a 200-day moving average of $40.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.13 and a quick ratio of 2.06.

Global Ship Lease (NYSE:GSL) last released its quarterly earnings data on Wednesday, August 5th. The shipping company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.42 by $0.06. The company had revenue of $198.69 million for the quarter, compared to the consensus estimate of $186.85 million. Global Ship Lease had a return on equity of 19.92% and a net margin of 49.10%. Global Ship Lease’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the business posted $2.67 EPS. Equities research analysts anticipate that Global Ship Lease, Inc. will post 9.62 earnings per share for the current year.

Insider Transactions at Global Ship Lease

In other news, CFO Anastasios Psaropoulos sold 48,330 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $45.02, for a total transaction of $2,175,816.60. Following the transaction, the chief financial officer owned 68,698 shares in the company, valued at approximately $3,092,783.96. This trade represents a 41.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Georgios Giannopoulos sold 7,692 shares of the firm’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $45.08, for a total value of $346,755.36. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 91,692 shares of company stock valued at $4,104,852 over the last 90 days. 7.40% of the stock is owned by corporate insiders.

Institutional Trading of Global Ship Lease

A number of hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC grew its holdings in Global Ship Lease by 3.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 43,207 shares of the shipping company’s stock worth $1,907,000 after acquiring an additional 1,394 shares in the last quarter. Compass Financial Management LLC purchased a new position in Global Ship Lease during the 3rd quarter valued at about $304,000. Lifetime Wealth Management P.C. raised its holdings in shares of Global Ship Lease by 6.4% in the 3rd quarter. Lifetime Wealth Management P.C. now owns 16,523 shares of the shipping company’s stock valued at $729,000 after purchasing an additional 1,000 shares in the last quarter. Prosperitas Financial LLC bought a new stake in shares of Global Ship Lease in the 3rd quarter valued at about $287,000. Finally, Apollon Wealth Management LLC raised its holdings in shares of Global Ship Lease by 42.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 39,003 shares of the shipping company’s stock valued at $1,722,000 after purchasing an additional 11,652 shares in the last quarter. 50.08% of the stock is owned by hedge funds and other institutional investors.

About Global Ship Lease

Global Ship Lease, Inc (NYSE:GSL) is a containership owner and chartering company. It owns and manages a fleet of mid-sized and smaller containerships, which are vessels designed to transport containerized cargo such as manufactured goods, consumer products and industrial materials.

The company primarily generates revenue by chartering its vessels to container shipping companies under fixed-rate time charter agreements. Its customers operate liner services that connect major ports and trade routes worldwide, allowing Global Ship Lease to participate in global seaborne commerce while its charterers manage cargo transportation and logistics.

Global Ship Lease was founded in 2007 and completed its initial public offering in 2008.