Insider Buying: EuroDry (NASDAQ:EDRY) Director Buys $11,000.00 in Stock

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas bought 500 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was bought at an average price of $22.00 per share, for a total transaction of $11,000.00. Following the completion of the purchase, the director owned 77,667 shares of the company’s stock, valued at approximately $1,708,674. The trade was a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

EuroDry Trading Down 4.4%

Shares of EDRY stock opened at $22.95 on Friday. The company has a 50 day moving average of $22.06 and a 200-day moving average of $18.24. The company has a quick ratio of 1.55, a current ratio of 1.61 and a debt-to-equity ratio of 0.86. EuroDry has a 12-month low of $8.95 and a 12-month high of $28.00. The firm has a market cap of $66.33 million, a P/E ratio of -176.54 and a beta of 0.71.

EuroDry (NASDAQ:EDRY) last posted its quarterly earnings data on Wednesday, May 20th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.30). EuroDry had a negative net margin of 0.55% and a negative return on equity of 0.88%. The firm had revenue of $12.79 million during the quarter, compared to analysts’ expectations of $15.62 million. Sell-side analysts anticipate that EuroDry will post 3.87 earnings per share for the current year.

Hedge Funds Weigh In On EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC increased its stake in shares of EuroDry (NASDAQ:EDRY) by 53.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 60,347 shares of the company’s stock after purchasing an additional 21,047 shares during the period. Renaissance Technologies LLC owned 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.

Analysts Set New Price Targets

A number of brokerages have recently commented on EDRY. Zacks Research cut EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Wall Street Zen upgraded EuroDry from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Finally, Weiss Ratings downgraded shares of EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, EuroDry has a consensus rating of “Hold” 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.