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

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas purchased 600 shares of the business’s stock in a transaction dated Thursday, October 15th. The shares were purchased at an average price of $48.17 per share, with a total value of $28,902.00. Following the acquisition, the director directly owned 77,088 shares in the company, valued at approximately $3,713,328.96. The trade was a 0.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

EuroDry Trading Down 3.7%

Shares of EDRY stock traded down $1.74 during trading on Friday, hitting $45.70. 91,614 shares of the stock traded hands, compared to its average volume of 166,301. The firm has a market capitalization of $131.16 million, a P/E ratio of 13.81 and a beta of 0.77. 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 firm’s fifty day moving average price is $52.99 and its 200-day moving average price is $33.09. EuroDry has a 52-week low of $11.94 and a 52-week high of $73.07.

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

Hedge Funds Weigh In On EuroDry

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its holdings in shares of EuroDry by 53.6% in the 1st quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock valued at $1,189,000 after buying an additional 21,047 shares in the last quarter. BlackRock Inc. acquired a new stake in EuroDry during the 2nd quarter worth $47,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new stake in EuroDry during the 3rd quarter worth $32,000. Hedge funds and other institutional investors own 2.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Zacks Research lowered EuroDry from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Alliance Global Partners reiterated a “buy” rating on shares of EuroDry in a report on Friday, August 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a research report on Friday, August 21st. 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 presently 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.