Danaos (NYSE:DAC) Upgraded by StockNews.com to “Buy”

Danaos (NYSE:DACGet Rating) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

Separately, Citigroup reduced their target price on shares of Danaos from $85.00 to $65.00 in a research report on Wednesday, November 9th.

Danaos Trading Up 0.7 %

Shares of NYSE:DAC traded up $0.42 during trading on Thursday, reaching $57.13. 108,115 shares of the company were exchanged, compared to its average volume of 209,961. The firm has a market capitalization of $1.18 billion, a PE ratio of 2.06 and a beta of 1.54. The business’s fifty day simple moving average is $57.94 and its 200-day simple moving average is $66.42. Danaos has a 12-month low of $52.73 and a 12-month high of $107.47. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.32 and a quick ratio of 2.26.

Hedge Funds Weigh In On Danaos

Institutional investors have recently modified their holdings of the stock. Millennium Management LLC boosted its stake in shares of Danaos by 2,111.6% during the second quarter. Millennium Management LLC now owns 277,982 shares of the shipping company’s stock valued at $17,541,000 after purchasing an additional 265,413 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Danaos by 1,141.6% during the first quarter. Acadian Asset Management LLC now owns 203,718 shares of the shipping company’s stock valued at $20,887,000 after purchasing an additional 187,310 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Danaos during the second quarter valued at approximately $8,966,000. Renaissance Technologies LLC bought a new position in shares of Danaos during the first quarter valued at approximately $7,324,000. Finally, Balyasny Asset Management LLC boosted its stake in shares of Danaos by 16.3% during the third quarter. Balyasny Asset Management LLC now owns 507,580 shares of the shipping company’s stock valued at $28,262,000 after purchasing an additional 71,016 shares in the last quarter. 65.03% of the stock is owned by hedge funds and other institutional investors.

About Danaos

(Get Rating)

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 February 28, 2022, it had a fleet of 71 containerships aggregating 436,589 twenty-foot equivalent units in capacity.

Further Reading

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