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

Key Points

• Zacks Research upgraded EuroDry from “hold” to “strong buy.”
• Analyst opinions remain mixed: MarketBeat reports a “Moderate Buy” consensus and an average price target of $23.50, with ratings ranging from Strong Buy to Sell.
• Insiders sold 11,993 shares worth about $548,000 over the past three months, while acquiring 2,200 shares; institutional investors own 2.44% of the stock.

EuroDry (NASDAQ:EDRY - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday, Zacks reports.

A number of other analysts also recently issued reports on EDRY. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of EuroDry in a research note on Friday, August 21st. Alliance Global Partners reaffirmed a "buy" rating on shares of EuroDry in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, EuroDry has a consensus rating of "Moderate Buy" and an average price target of $23.50.

EuroDry Price Performance

NASDAQ:EDRY opened at $38.80 on Monday. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $111.24 million, a P/E ratio of 11.72 and a beta of 0.82. EuroDry has a 12 month low of $12.30 and a 12 month high of $73.07. The business's 50-day moving average is $52.14 and its 200 day moving average is $30.49.

Insider Transactions at EuroDry

In other news, Director Panagiotis Kyriakopoulos sold 2,067 shares of the company's stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $43.80, for a total transaction of $90,534.60. Following the sale, the director directly owned 8,400 shares in the company, valued at approximately $367,920. This represents a 19.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Symeon Pariaros sold 2,676 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $45.80, for a total transaction of $122,560.80. Following the completion of the transaction, the insider directly owned 1,900 shares of the company's stock, valued at approximately $87,020. The trade was a 58.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have acquired 2,200 shares of company stock worth $110,925 and have sold 11,993 shares worth $548,277.

Institutional Investors Weigh In On EuroDry

Large investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC purchased a new position in shares of EuroDry in the 3rd quarter worth approximately $371,000. Sowell Financial Services LLC bought a new stake in EuroDry in the third quarter worth $592,000. MassMutual Private Wealth & Trust FSB purchased a new position in EuroDry during the third quarter worth $32,000. BlackRock Inc. purchased a new position in EuroDry during the second quarter worth $47,000. Finally, Renaissance Technologies LLC increased its position in 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 acquiring an additional 21,047 shares during the last quarter. 2.44% of the stock is owned by institutional investors.

About EuroDry

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.

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