Zacks Research Downgrades EuroDry (NASDAQ:EDRY) to Hold

Key Points

• Zacks Research downgraded EuroDry from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with a target price of $23.50.
• EuroDry shares were trading at $56.31, up 2.4%, after the company reported quarterly EPS of $2.44—well above the $1.23 analyst consensus—while revenue of $17.70 million slightly missed estimates.
• Insider activity was mixed: a director bought 900 shares, while insiders sold 12,726 shares worth approximately $568,005 over the past 90 days. Corporate insiders own 51.4% of the company, compared with 2.44% held by institutional investors.

EuroDry (NASDAQ:EDRY - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday, Zacks reports.

Several other analysts also recently issued reports on the company. Alliance Global Partners restated a "buy" rating on shares of EuroDry in a research report on Friday, August 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of EuroDry in a research report on Friday, August 21st. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, EuroDry currently has a consensus rating of "Hold" and a consensus target price of $23.50.

EuroDry Trading Up 2.4%

Shares of EuroDry stock opened at $56.31 on Tuesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.28 and a quick ratio of 1.23. EuroDry has a 1 year low of $11.94 and a 1 year high of $73.07. The company has a market capitalization of $161.61 million, a P/E ratio of 17.01 and a beta of 0.77. The business has a 50 day moving average price of $49.53 and a 200 day moving average price of $31.55.

EuroDry (NASDAQ:EDRY - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $2.44 earnings per share (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 analyst estimates of $17.86 million. EuroDry had a return on equity of 8.77% and a net margin of 15.02%. Sell-side analysts anticipate that EuroDry will post 5.77 EPS for the current fiscal year.

Insider Activity at EuroDry

In other EuroDry news, Director Aristeidis P. Pittas purchased 900 shares of EuroDry stock in a transaction on Thursday, September 24th. The shares were bought at an average price of $51.33 per share, with a total value of $46,197.00. Following the purchase, the director directly owned 76,113 shares in the company, valued at $3,906,880.29. This trade represents a 1.20% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, the insider owned 1,900 shares in the company, valued at $87,020. This trade represents a 58.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,726 shares of company stock valued at $568,005 over the last ninety days. 51.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EuroDry

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB acquired a new position in EuroDry in the third quarter valued at $32,000. BlackRock Inc. acquired a new stake in EuroDry in the 2nd quarter worth about $47,000. Finally, Renaissance Technologies LLC boosted its stake in 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. Hedge funds and other institutional investors own 2.44% of the company's stock.

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.

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