EuroDry (NASDAQ:EDRY) Rating Increased to Outperform at Noble Financial

EuroDry (NASDAQ:EDRY) was upgraded by research analysts at Noble Financial from a “market perform” rating to an “outperform” rating in a research note issued on Thursday, MarketBeat reports. The brokerage presently has a $23.50 price objective on the stock. Noble Financial’s target price points to a potential upside of 65.32% from the company’s current price.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of EuroDry in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, EuroDry presently has an average rating of “Hold” and a consensus target price of $23.50.

EuroDry Price Performance

Shares of EDRY traded down $0.49 on Thursday, reaching $14.22. 2,747 shares of the stock traded hands, compared to its average volume of 4,520. The stock’s 50-day moving average price is $13.33 and its 200-day moving average price is $12.45. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.21 and a current ratio of 1.27. EuroDry has a 12 month low of $7.60 and a 12 month high of $16.14.

EuroDry (NASDAQ:EDRY) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.08). EuroDry had a negative return on equity of 9.87% and a negative net margin of 21.73%.The business had revenue of $14.39 million for the quarter, compared to analyst estimates of $14.56 million. On average, research analysts anticipate that EuroDry will post -2.84 earnings per share for the current fiscal year.

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.