EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas Sells 600 Shares of Stock

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $39.50, for a total value of $23,700.00. Following the completion of the sale, the director owned 76,163 shares in the company, valued at approximately $3,008,438.50. This represents a 0.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

EuroDry Stock Performance

EDRY opened at $41.49 on Wednesday. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69. EuroDry has a 12-month low of $10.31 and a 12-month high of $43.30. The firm has a 50 day moving average of $25.84 and a two-hundred day moving average of $21.85. The firm has a market capitalization of $119.91 million, a PE ratio of 12.53 and a beta of 0.68.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings data on Thursday, August 6th. The company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $1.21. EuroDry had a net margin of 15.02% and a return on equity of 8.77%. The firm had revenue of $17.70 million for the quarter, compared to analyst estimates of $17.86 million. On average, analysts anticipate that EuroDry will post 5.77 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in EuroDry stock. Renaissance Technologies LLC grew 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 (SEC). The institutional investor owned 60,347 shares of the company’s stock after acquiring an additional 21,047 shares during the quarter. Renaissance Technologies LLC owned about 2.09% of EuroDry worth $1,189,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 2.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded EuroDry from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Alliance Global Partners reaffirmed a “buy” rating on shares of EuroDry in a report on Friday, August 7th. Weiss Ratings cut EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Finally, Zacks Research upgraded EuroDry from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

EuroDry Company Profile

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.