EuroDry (NASDAQ:EDRY) Stock: Insider Aristeidis Pittas Buys 900 Shares

Key Points

• Insider buying: Director Aristeidis Pittas purchased 900 EuroDry shares for approximately $46,197, increasing his direct ownership by 1.20% to 76,113 shares.
• Quarterly performance: EuroDry reported quarterly EPS of $2.44, beating consensus estimates of $1.23, while revenue of $17.70 million fell slightly short of expectations.
• Market and analyst view: Shares closed at $47.93 after falling $2.97, and analysts’ consensus rating remained “Moderate Buy,” despite ratings ranging from Strong Buy to Sell.

EuroDry (NASDAQ:EDRY - Get Free Report) Director Aristeidis Pittas purchased 900 shares of the firm's stock in a transaction dated Thursday, September 24th. The shares were purchased at an average cost of $51.33 per share, for a total transaction of $46,197.00. Following the purchase, the director directly owned 76,113 shares in the company, valued at approximately $3,906,880.29. This represents a 1.20% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

EuroDry Price Performance

EuroDry stock traded down $2.97 during mid-day trading on Friday, hitting $47.93. 118,341 shares of the company were exchanged, compared to its average volume of 62,976. EuroDry has a 12-month low of $11.94 and a 12-month high of $73.07. The company has a market capitalization of $137.56 million, a P/E ratio of 14.52 and a beta of 0.74. The business's 50 day simple moving average is $44.13 and its two-hundred day simple moving average is $29.37. 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 (NASDAQ:EDRY - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $1.21. The business had revenue of $17.70 million for the quarter, compared to the consensus estimate of $17.86 million. EuroDry had a net margin of 15.02% and a return on equity of 8.77%. Analysts forecast that EuroDry will post 5.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in EuroDry stock. Renaissance Technologies LLC boosted its holdings in EuroDry (NASDAQ:EDRY - Free Report) by 53.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,347 shares of the company's stock after acquiring an additional 21,047 shares during the quarter. Renaissance Technologies LLC owned 2.09% of EuroDry worth $1,189,000 at the end of the most recent quarter. Institutional investors and hedge funds own 2.44% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of EuroDry in a report on Friday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of EuroDry in a research note on Friday, August 21st. Finally, Zacks Research upgraded shares of EuroDry from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, EuroDry currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.50.

EuroDry Company Profile

EuroDry Ltd. NASDAQ: EDRY is an international dry bulk shipping company that owns and operates ocean-going vessels. The company provides seaborne transportation for a broad range of bulk commodities, including grain, iron ore, coal, steel products, fertilizers and forest products.

EuroDry's vessels serve commercial customers and trading routes in global markets, transporting dry bulk cargoes between major ports and commodity-producing and consuming regions. Its fleet has included vessels in the Panamax, Kamsarmax, Ultramax and Handy-size segments, allowing the company to serve a variety of cargo volumes and trade routes.

EuroDry was established in 1997 and is incorporated in the Republic of the Marshall Islands.

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