EuroDry (NASDAQ:EDRY) Director Buys $35,826.00 in Stock

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas bought 700 shares of the stock in a transaction that occurred on Tuesday, October 13th. The stock was bought at an average price of $51.18 per share, with a total value of $35,826.00. Following the completion of the purchase, the director directly owned 76,788 shares in the company, valued at $3,930,009.84. This represents a 0.92% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

EuroDry Stock Performance

NASDAQ:EDRY traded down $1.74 during trading hours on Friday, hitting $45.70. 91,614 shares of the company were exchanged, compared to its average volume of 166,301. The stock has a market capitalization of $131.16 million, a price-to-earnings ratio of 13.81 and a beta of 0.77. EuroDry has a 52-week low of $11.94 and a 52-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 company’s 50 day moving average price is $52.99 and its 200-day moving average price is $33.09.

EuroDry (NASDAQ:EDRY) last issued its quarterly earnings results on Thursday, August 6th. The company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $1.21. The business had revenue of $17.70 million for 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, research analysts forecast that EuroDry will post 5.77 earnings per share for the current year.

Institutional Investors Weigh In On EuroDry

A number of large investors have recently bought and sold shares of EDRY. Renaissance Technologies LLC increased its holdings in EuroDry by 53.6% in the 1st quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock worth $1,189,000 after buying an additional 21,047 shares during the period. BlackRock Inc. purchased a new position in EuroDry during the 2nd quarter worth approximately $47,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new stake in EuroDry during the 3rd quarter valued at approximately $32,000. Hedge funds and other institutional investors own 2.44% of the company’s stock.

Wall Street Analysts Forecast Growth

EDRY has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a report on Friday, August 21st. Alliance Global Partners restated a “buy” rating on shares of EuroDry in a research note on Friday, August 7th. Finally, Zacks Research cut EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $23.50.

EuroDry Company Profile

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.