Zacks Research Upgrades EuroDry (NASDAQ:EDRY) to “Strong-Buy”

EuroDry (NASDAQ:EDRY) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday, Zacks reports.

Other research analysts have also issued reports about the stock. Alliance Global Partners reissued a “buy” rating on shares of EuroDry in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EuroDry in a research report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, EuroDry presently has an average rating of “Moderate Buy” and a consensus target price of $23.50.

EuroDry Stock Performance

NASDAQ EDRY opened at $38.80 on Monday. EuroDry has a 1 year low of $12.30 and a 1 year 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 firm has a market cap of $111.24 million, a price-to-earnings ratio of 11.72 and a beta of 0.82. The company has a fifty day moving average price of $52.14 and a 200-day moving average price of $30.49.

Insider Activity at EuroDry

In other EuroDry news, insider Symeon Pariaros sold 2,676 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $45.80, for a total value of $122,560.80. Following the transaction, the insider owned 1,900 shares of the company’s stock, valued at approximately $87,020. The trade was a 58.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Aristeidis P. Pittas acquired 600 shares of EuroDry stock in a transaction on Thursday, October 15th. The stock was acquired at an average price of $48.17 per share, with a total value of $28,902.00. Following the purchase, the director directly owned 77,088 shares in the company, valued at approximately $3,713,328.96. This trade represents a 0.78% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 2,200 shares of company stock valued at $110,925 and sold 11,993 shares valued at $548,277.

Institutional Investors Weigh In On EuroDry

A number of hedge funds have recently made changes to their positions in EDRY. 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 worth $1,189,000 after buying an additional 21,047 shares during the last quarter. Sowell Financial Services LLC bought a new position in EuroDry during the third quarter valued at about $592,000. Commonwealth Equity Services LLC bought a new position in EuroDry during the third quarter valued at about $371,000. BlackRock Inc. bought a new position in EuroDry during the second quarter valued at about $47,000. Finally, MassMutual Private Wealth & Trust FSB purchased a new stake in EuroDry during the third quarter worth about $32,000. 2.44% of the stock is currently owned by institutional investors.

EuroDry Company Profile

EuroDry Ltd. (NASDAQ: EDRY) is a dry bulk shipping company that owns and operates vessels used to transport a range of essential commodities. Its cargoes may include iron ore, grain, coal, steel products, forest products and other dry bulk materials. The company’s fleet has primarily consisted of smaller dry bulk vessels, including Handy-size and Supramax-class ships. These vessels serve international trade routes and are employed through time charters, voyage charters and other commercial arrangements, depending on market conditions and customer requirements.