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

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas bought 500 shares of the stock in a transaction on Monday, June 22nd. The stock was purchased at an average price of $22.00 per share, with a total value of $11,000.00. Following the completion of the acquisition, the director directly owned 77,667 shares in the company, valued at approximately $1,708,674. This trade represents a 0.65% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

EuroDry Stock Performance

Shares of EuroDry stock opened at $20.16 on Tuesday. The company has a current ratio of 1.61, a quick ratio of 1.55 and a debt-to-equity ratio of 0.86. The stock’s fifty day moving average price is $21.86 and its 200-day moving average price is $18.03. The firm has a market cap of $58.28 million, a P/E ratio of -155.08 and a beta of 0.71. EuroDry has a 12 month low of $8.95 and a 12 month high of $28.00.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings data on Wednesday, May 20th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.30). EuroDry had a negative return on equity of 0.88% and a negative net margin of 0.55%.The business had revenue of $12.79 million during the quarter, compared to analysts’ expectations of $15.62 million. On average, equities research analysts expect that EuroDry will post 3.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

EDRY has been the subject of a number of recent research reports. Zacks Research downgraded shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Weiss Ratings cut shares of EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of EuroDry from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, EuroDry presently has a consensus rating of “Hold” and a consensus target price of $23.50.

Institutional Investors Weigh In On EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC boosted its holdings in shares of EuroDry (NASDAQ:EDRY) by 53.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,347 shares of the company’s stock after purchasing an additional 21,047 shares during the quarter. Renaissance Technologies LLC owned approximately 2.09% of EuroDry worth $1,189,000 at the end of the most recent reporting period. Institutional investors own 2.44% of the company’s stock.

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.