EuroDry (NASDAQ:EDRY) Issues Quarterly Earnings Results

EuroDry (NASDAQ:EDRY) announced its quarterly earnings results on Thursday. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.09, Zacks reports. EuroDry had a negative return on equity of 6.87% and a negative net margin of 8.16%.The firm had revenue of $17.39 million during the quarter, compared to analyst estimates of $17.77 million.

EuroDry Price Performance

Shares of NASDAQ EDRY traded up $1.60 during mid-day trading on Friday, reaching $18.50. The company’s stock had a trading volume of 38,848 shares, compared to its average volume of 5,826. EuroDry has a 1-year low of $7.60 and a 1-year high of $18.76. The stock has a market capitalization of $52.54 million, a P/E ratio of -11.78 and a beta of 0.94. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.21 and a current ratio of 1.27. The stock has a 50-day moving average of $13.62 and a two-hundred day moving average of $12.67.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EDRY. Weiss Ratings reiterated a “sell (d-)” rating on shares of EuroDry in a research note on Thursday, January 22nd. Zacks Research upgraded shares of EuroDry from a “hold” rating to a “strong-buy” rating in a report on Friday, February 13th. Finally, Noble Financial raised shares of EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 price target for the company in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, EuroDry has a consensus rating of “Moderate Buy” and an average target price 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.