Insider Selling: EuroDry (NASDAQ:EDRY) Director Sells 2,067 Shares of Stock

Key Points

• EuroDry director Panagiotis Kyriakopoulos sold 2,067 shares at an average price of $43.80, generating $90,534.60 and reducing his ownership by 19.75% to 8,400 shares.
• EuroDry shares rose 0.9% to $45.38, but trading volume remained below average. The stock has a market capitalization of $130.1 million and has ranged from $12.09 to $73.07 over the past year.
• The company beat quarterly earnings expectations, reporting $2.44 in EPS versus the $1.23 consensus estimate. Analyst sentiment remains mixed, with a consensus “Hold” rating and a $23.50 price target.

EuroDry (NASDAQ:EDRY - Get Free Report) Director Panagiotis Kyriakopoulos sold 2,067 shares of the company's stock in a transaction on Monday, October 26th. The shares were sold at an average price of $43.80, for a total value of $90,534.60. Following the completion of the sale, the director owned 8,400 shares of the company's stock, valued at approximately $367,920. The trade was a 19.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

EuroDry Trading Up 0.9%

EuroDry stock traded up $0.41 during midday trading on Tuesday, hitting $45.38. 9,489 shares of the stock were exchanged, compared to its average volume of 69,215. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock's 50-day simple moving average is $53.57 and its 200 day simple moving average is $28.98. EuroDry has a fifty-two week low of $12.09 and a fifty-two week high of $73.07. The stock has a market capitalization of $130.10 million, a price-to-earnings ratio of 13.80 and a beta of 0.77.

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

Hedge Funds Weigh In On EuroDry

Several institutional investors have recently modified their holdings of the business. Sowell Financial Services LLC purchased a new position in EuroDry in the third quarter valued at $592,000. MassMutual Private Wealth & Trust FSB purchased a new stake in shares of EuroDry during the third quarter worth approximately $32,000. BlackRock Inc. acquired a new stake in EuroDry in the second quarter valued at approximately $47,000. Finally, Renaissance Technologies LLC grew its holdings 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 in the last quarter. Institutional investors and hedge funds own 2.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of EuroDry in a research note on Friday, August 21st. Zacks Research lowered shares of EuroDry from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 6th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of EuroDry in a research report on Friday, August 7th. Two 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. Based on data from MarketBeat, EuroDry presently has a consensus rating of "Hold" and a consensus price target of $23.50.

About EuroDry

EuroDry Ltd. NASDAQ: EDRY is a dry bulk shipping company that owns and operates vessels used to transport a range of essential commodities. Its cargoes may include iron ore, grain, coal, steel products, forest products and other dry bulk materials.

The company's fleet has primarily consisted of smaller dry bulk vessels, including Handy-size and Supramax-class ships. These vessels serve international trade routes and are employed through time charters, voyage charters and other commercial arrangements, depending on market conditions and customer requirements.

EuroDry was established in 1997 and is managed from offices in Athens, Greece.

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