Aristeidis Pittas Sells 500 Shares of EuroDry (NASDAQ:EDRY) Stock

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas sold 500 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $44.56, for a total value of $22,280.00. Following the sale, the director owned 75,913 shares of the company’s stock, valued at approximately $3,382,683.28. The trade was a 0.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

EuroDry Stock Down 9.5%

Shares of NASDAQ:EDRY opened at $48.60 on Thursday. EuroDry has a 1 year low of $10.62 and a 1 year high of $53.93. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.28 and a quick ratio of 1.23. The business’s 50-day moving average is $28.76 and its 200-day moving average is $23.29. The company has a market capitalization of $140.50 million, a price-to-earnings ratio of 14.68 and a beta of 0.68.

EuroDry (NASDAQ:EDRY) last released its earnings results on Thursday, August 6th. The company reported $2.44 EPS for the quarter, topping the consensus estimate of $1.23 by $1.21. EuroDry had a return on equity of 8.77% and a net margin of 15.02%.The business had revenue of $17.70 million during the quarter, compared to analysts’ expectations of $17.86 million. Equities research analysts predict that EuroDry will post 5.77 earnings per share for the current year.

Hedge Funds Weigh In On EuroDry

A hedge fund recently raised its position in EuroDry stock. Renaissance Technologies LLC boosted its position in EuroDry (NASDAQ:EDRY) by 53.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,347 shares of the company’s stock after purchasing an additional 21,047 shares during the period. Renaissance Technologies LLC owned about 2.09% of EuroDry worth $1,189,000 as of its most recent SEC filing. Institutional investors and hedge funds own 2.44% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on EDRY. Wall Street Zen upgraded shares of EuroDry from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Zacks Research upgraded shares of EuroDry from a “hold” rating to a “strong-buy” rating in a report on Friday, July 10th. Alliance Global Partners reissued a “buy” rating on shares of EuroDry in a research report on Friday, August 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of EuroDry in a research note on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.50.

About EuroDry

EuroDry Limited is a Marshall Islands–incorporated shipping company, formed in 2005 and headquartered in Piraeus, Greece. The company is publicly traded on the NASDAQ under the symbol EDRY. Since its inception, EuroDry has focused exclusively on the marine transportation of drybulk commodities and has grown its fleet through a combination of newbuilding contracts and second-hand acquisitions.

As of mid-2024, EuroDry’s operating fleet comprises Capesize, Panamax and Supramax drybulk carriers, collectively providing over one million deadweight tons (dwt) of capacity.