Noble Financial Upgrades EuroDry (NASDAQ:EDRY) to “Outperform”

EuroDry (NASDAQ:EDRY) was upgraded by analysts at Noble Financial from a “market perform” rating to an “outperform” rating in a report issued on Thursday, MarketBeat reports. The brokerage currently has a $23.50 price objective on the stock. Noble Financial’s price target suggests a potential upside of 65.32% from the stock’s current price.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EuroDry in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.50.

EuroDry Stock Performance

Shares of NASDAQ EDRY traded down $0.49 during midday trading on Thursday, reaching $14.22. The company’s stock had a trading volume of 2,747 shares, compared to its average volume of 4,520. EuroDry has a one year low of $7.60 and a one year high of $16.14. The company has a 50 day moving average price of $13.33 and a 200 day moving average price of $12.45. The company has a quick ratio of 1.21, a current ratio of 1.27 and a debt-to-equity ratio of 0.86.

EuroDry (NASDAQ:EDRY) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.08). The business had revenue of $14.39 million during the quarter, compared to analyst estimates of $14.56 million. EuroDry had a negative return on equity of 9.87% and a negative net margin of 21.73%. Equities research analysts expect that EuroDry will post -2.84 EPS for the current fiscal year.

EuroDry Company Profile

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.