EuroDry (NASDAQ:EDRY) Stock Rating Upgraded by Zacks Research

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

Several other equities research analysts also recently weighed in on EDRY. Alliance Global Partners reiterated a “buy” rating on shares of EuroDry in a report on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of EuroDry in a report on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.50.

EuroDry Stock Up 0.9%

Shares of 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 business has a 50 day simple moving average of $52.14 and a two-hundred day simple moving average of $30.49. The firm has a market capitalization of $111.24 million, a PE ratio of 11.72 and a beta of 0.82. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.28 and a quick ratio of 1.23.

Insider Activity at EuroDry

In other news, Director Aristeidis Pittas acquired 600 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The shares were bought at an average price of $48.17 per share, with a total value of $28,902.00. Following the completion of the purchase, the director directly owned 77,088 shares in the company, valued at $3,713,328.96. This trade represents a 0.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Symeon Pariaros sold 2,676 shares of the firm’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 in the company, valued at $87,020. The trade was a 58.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders bought 2,200 shares of company stock worth $110,925 and sold 11,993 shares worth $548,277.

Hedge Funds Weigh In On EuroDry

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its stake in shares of EuroDry by 53.6% during the first 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 during the period. Sowell Financial Services LLC purchased a new stake in EuroDry in the third quarter worth about $592,000. Commonwealth Equity Services LLC purchased a new stake in EuroDry in the third quarter worth about $371,000. BlackRock Inc. purchased a new stake in EuroDry in the second quarter worth about $47,000. Finally, MassMutual Private Wealth & Trust FSB bought a new position in EuroDry during the 3rd quarter worth about $32,000. Institutional investors own 2.44% of the company’s stock.

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.