EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas Buys 700 Shares of Company Stock

Key Points

• Director Aristeidis Pittas bought 700 EuroDry shares at an average price of $51.18, investing $35,826 and increasing his ownership by 0.92% to 76,788 shares.
• EuroDry reported quarterly EPS of $2.44, beating estimates of $1.23, while revenue reached $17.70 million versus the $17.86 million consensus forecast.
• Analyst sentiment is mixed, resulting in an overall “Hold” rating and a consensus price target of $23.50, well below the stock’s reported $53.23 opening price.

EuroDry (NASDAQ:EDRY - Get Free Report) Director Aristeidis Pittas acquired 700 shares of the company's stock in a transaction that occurred on Tuesday, October 13th. The shares were acquired at an average price of $51.18 per share, for a total transaction of $35,826.00. Following the purchase, the director owned 76,788 shares of the company's stock, valued at $3,930,009.84. This trade represents a 0.92% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

EuroDry Stock Performance

Shares of NASDAQ EDRY opened at $53.23 on Wednesday. The company has a quick ratio of 1.23, a current ratio of 1.28 and a debt-to-equity ratio of 0.69. The firm's 50-day moving average price is $51.93 and its two-hundred day moving average price is $32.59. EuroDry has a 52-week low of $11.94 and a 52-week high of $73.07. The stock has a market capitalization of $152.77 million, a P/E ratio of 16.08 and a beta of 0.77.

EuroDry (NASDAQ:EDRY - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $2.44 EPS for the quarter, beating the consensus estimate of $1.23 by $1.21. The company 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, sell-side analysts forecast that EuroDry will post 5.77 earnings per share for the current year.

Hedge Funds Weigh In On EuroDry

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EDRY. MassMutual Private Wealth & Trust FSB acquired a new stake in EuroDry in the 3rd quarter valued at approximately $32,000. BlackRock Inc. acquired a new position in EuroDry during the 2nd quarter worth $47,000. Finally, Renaissance Technologies LLC boosted its position in EuroDry by 53.6% during the 1st quarter. Renaissance Technologies LLC now owns 60,347 shares of the company's stock worth $1,189,000 after acquiring an additional 21,047 shares during the period. 2.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

EDRY has been the topic of several analyst reports. Alliance Global Partners reaffirmed a "buy" rating on shares of EuroDry in a research report 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 reissued a "sell (d-)" rating on shares of EuroDry in a report on Friday, August 21st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price 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.

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