Could Eagle Bulk Shipping Inc. (EGLE) Increase Even More? The Stock Formed Bullish Descending Triangle Pattern

January 13, 2018 - By Vivian Currie

The stock of Eagle Bulk Shipping Inc. (EGLE) formed a descending triangle with $5.15 target or 5.00 % above today’s $4.90 share price. The 7 months triangle pattern indicates low risk for the $344.62M company. If the $5.15 price target is reached, the company will be worth $17.23 million more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The stock increased 2.51% or $0.12 during the last trading session, reaching $4.9. About 467,744 shares traded or 31.10% up from the average. Eagle Bulk Shipping Inc. (NASDAQ:EGLE) has declined 52.92% since January 13, 2017 and is downtrending. It has underperformed by 69.62% the S&P500.

Analysts await Eagle Bulk Shipping Inc. (NASDAQ:EGLE) to report earnings on March, 29. They expect $0.03 EPS, up 107.32 % or $0.44 from last year’s $-0.41 per share. EGLE’s profit will be $2.11M for 40.83 P/E if the $0.03 EPS becomes a reality. After $-0.15 actual EPS reported by Eagle Bulk Shipping Inc. for the previous quarter, Wall Street now forecasts -120.00 % EPS growth.

More notable recent Eagle Bulk Shipping Inc. (NASDAQ:EGLE) news were published by: Globenewswire.com which released: “Eagle Bulk Shipping Inc. to Issue Third Quarter 2017 Results and Hold Investor …” on October 19, 2017, also Globenewswire.com with their article: “Eagle Bulk Shipping Inc. Takes Delivery of M/V New London Eagle” published on January 09, 2018, Globenewswire.com published: “Eagle Bulk Shipping Inc. Reports Second Quarter 2017 Results” on August 07, 2017. More interesting news about Eagle Bulk Shipping Inc. (NASDAQ:EGLE) were released by: Globenewswire.com and their article: “Eagle Bulk Shipping Inc. Successfully Completes Greenship Bulk Fleet …” published on September 05, 2017 as well as Nasdaq.com‘s news article titled: “Eagle Bulk Shipping Inc. Announces the Purchase of Ultramax Bulkcarrier” with publication date: December 19, 2017.

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