EuroDry (NASDAQ:EDRY) Director Sells 500 Shares

Key Points

• Director Aristeidis Pittas sold 500 EuroDry shares at an average price of $37.80, generating $18,900 and reducing his holdings by 0.65% to 76,463 shares.
• EuroDry reported quarterly EPS of $2.44, beating the $1.23 consensus estimate, while revenue of $17.70 million fell slightly short of expectations. Shares traded near their 12-month high at $39.10.
• Analyst sentiment remains generally positive, with an average “Moderate Buy” rating, although the $23.50 average price target is well below the current share price; BlackRock also recently acquired a small stake.

EuroDry (NASDAQ:EDRY - Get Free Report) Director Aristeidis Pittas sold 500 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $37.80, for a total value of $18,900.00. Following the completion of the sale, the director owned 76,463 shares of the company's stock, valued at approximately $2,890,301.40. This represents a 0.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

EuroDry Stock Performance

Shares of EDRY stock traded up $0.70 during trading hours on Wednesday, hitting $39.10. The stock had a trading volume of 78,078 shares, compared to its average volume of 39,888. 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 capitalization of $113.04 million, a PE ratio of 11.81 and a beta of 0.68. The stock's 50 day moving average is $24.17 and its 200 day moving average is $20.95. EuroDry has a twelve month low of $10.18 and a twelve month high of $40.00.

EuroDry (NASDAQ:EDRY - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $2.44 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $1.21. EuroDry had a net margin of 15.02% and a return on equity of 8.77%. The business had revenue of $17.70 million for the quarter, compared to analysts' expectations of $17.86 million. As a group, research analysts forecast that EuroDry will post 5.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EuroDry

A hedge fund recently bought a new stake in EuroDry stock. BlackRock Inc. acquired a new stake in EuroDry (NASDAQ:EDRY - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,135 shares of the company's stock, valued at approximately $47,000. BlackRock Inc. owned about 0.07% of EuroDry at the end of the most recent quarter. Institutional investors and hedge funds own 2.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Wall Street Zen upgraded shares of EuroDry from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 3rd. Alliance Global Partners reiterated a "buy" rating on shares of EuroDry in a research note on Friday, August 7th. Weiss Ratings lowered EuroDry from a "sell (d+)" rating to a "sell (d-)" rating in a report on Tuesday, May 26th. Finally, Zacks Research upgraded EuroDry from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, EuroDry presently has an average rating of "Moderate Buy" and an average price target of $23.50.

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.

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