EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas Buys 600 Shares of Company Stock

Key Points

• Director Aristeidis Pittas bought 600 EuroDry shares at an average price of $48.17, investing $28,902 and increasing his direct ownership by 0.78% to 77,088 shares.
• EuroDry shares fell 6.7% to open at $47.44, while the stock trades between a 12-month range of $11.94 to $73.07 and has a market capitalization of approximately $136 million.
• The company reported quarterly EPS of $2.44, beating estimates of $1.23, but analyst sentiment remains mixed, with a consensus rating of Hold and a $23.50 price target.

EuroDry (NASDAQ:EDRY - Get Free Report) Director Aristeidis Pittas acquired 600 shares of the stock in a transaction 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 purchase, the director directly owned 77,088 shares of the company's stock, valued at $3,713,328.96. The trade was a 0.78% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

EuroDry Trading Down 6.7%

EuroDry stock opened at $47.44 on Friday. EuroDry has a 12 month low of $11.94 and a 12 month high of $73.07. The company has a market capitalization of $136.15 million, a price-to-earnings ratio of 14.33 and a beta of 0.77. The business's fifty day simple moving average is $52.77 and its two-hundred day simple moving average is $33.01. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69.

EuroDry (NASDAQ:EDRY - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $1.21. The firm had revenue of $17.70 million during 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%. As a group, equities analysts predict that EuroDry will post 5.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EuroDry

Large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its stake in shares of 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. BlackRock Inc. purchased a new stake in EuroDry during the second quarter valued at $47,000. Finally, MassMutual Private Wealth & Trust FSB purchased a new stake in EuroDry during the third quarter valued at $32,000. Institutional investors own 2.44% of the company's stock.

Analyst Upgrades and Downgrades

EDRY has been the topic of several recent analyst reports. Alliance Global Partners reiterated a "buy" rating on shares of EuroDry in a research note on Friday, August 7th. Zacks Research cut EuroDry from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of EuroDry in a report on Friday, August 21st. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $23.50.

About EuroDry

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.