EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas Sells 2,950 Shares

Key Points

• Director sale: EuroDry Director Aristeidis Pittas sold 2,950 shares at an average price of $50.76, receiving $149,742 and reducing his direct ownership by 8.2% to 33,020 shares.
• Strong quarterly performance: EuroDry reported quarterly EPS of $2.44, exceeding estimates of $1.23, while revenue totaled $17.70 million versus expectations of $17.86 million.
• Stock and analyst outlook: Shares rose 2.3% to $49.70, near their 52-week high of $53.93. Analysts’ consensus rating is “Moderate Buy,” with a $23.50 price target, though one firm maintains a sell rating.

EuroDry (NASDAQ:EDRY - Get Free Report) Director Aristeidis Pittas sold 2,950 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $50.76, for a total transaction of $149,742.00. Following the sale, the director directly owned 33,020 shares of the company's stock, valued at approximately $1,676,095.20. This trade represents a 8.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

EuroDry Stock Up 2.3%

Shares of EuroDry stock traded up $1.10 during trading on Thursday, reaching $49.70. 71,913 shares of the company traded hands, compared to its average volume of 47,340. 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 $10.70 and a 1-year high of $53.93. The company has a 50 day moving average price of $28.76 and a 200-day moving average price of $23.29. The firm has a market capitalization of $143.69 million, a PE ratio of 15.02 and a beta of 0.68.

EuroDry (NASDAQ:EDRY - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $2.44 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $17.86 million. As a group, equities research analysts expect that EuroDry will post 5.77 earnings per share for the current fiscal year.

Institutional Trading of EuroDry

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Zacks Research raised EuroDry from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 10th. Wall Street Zen raised EuroDry from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 3rd. Alliance Global Partners restated a "buy" rating on shares of EuroDry in a report on Friday, August 7th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of EuroDry in a report on Friday, August 21st. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.50.

About EuroDry

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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