Zacks Research Downgrades EuroDry (NASDAQ:EDRY) to Hold

EuroDry (NASDAQ:EDRY) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

Several other research analysts have also weighed in on EDRY. Weiss Ratings reiterated a “sell (d-)” rating on shares of EuroDry in a research note on Friday, August 21st. Alliance Global Partners restated a “buy” rating on shares of EuroDry in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $23.50.

EuroDry Trading Up 2.4%

NASDAQ:EDRY opened at $56.31 on Tuesday. The stock has a market cap of $161.61 million, a PE ratio of 17.01 and a beta of 0.77. EuroDry has a fifty-two week low of $11.94 and a fifty-two week high of $73.07. 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 stock’s 50-day moving average is $49.53 and its two-hundred day moving average is $31.55.

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

Insiders Place Their Bets

In other news, Director Aristeidis P. Pittas bought 900 shares of the stock in a transaction that occurred on Thursday, September 24th. The shares were acquired at an average cost of $51.33 per share, for a total transaction of $46,197.00. Following the purchase, the director owned 76,113 shares of the company’s stock, valued at $3,906,880.29. This represents a 1.20% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Symeon Pariaros sold 2,676 shares of EuroDry stock in a transaction on Friday, August 21st. The stock was sold at an average price of $45.80, for a total transaction of $122,560.80. Following the completion of the transaction, the insider owned 1,900 shares in the company, valued at $87,020. This trade represents a 58.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 12,726 shares of company stock valued at $568,005 over the last 90 days. 51.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB acquired a new stake in shares of EuroDry in the third quarter valued at about $32,000. BlackRock Inc. bought a new position in shares of EuroDry in the second quarter worth about $47,000. Finally, Renaissance Technologies LLC lifted its position in shares of EuroDry by 53.6% during the 1st quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock worth $1,189,000 after purchasing an additional 21,047 shares during the last quarter. Institutional investors and hedge funds own 2.44% of the company’s stock.

About EuroDry

EuroDry Ltd. is a dry bulk shipping company that owns and operates vessels used to transport major and minor bulk commodities worldwide. Its fleet serves international trade routes and carries cargoes such as iron ore, grains, coal, steel products, and other dry bulk materials.

The company operates vessels in several dry bulk segments, including Handysize, Supramax, Ultramax, and Panamax ships. EuroDry manages the commercial and technical operations of its vessels through a combination of voyage charters, time charters, and other employment arrangements, depending on market conditions and customer requirements.

EuroDry was established in 1997 and is headquartered in Maroussi, Greece.