Aristeidis Pittas Acquires 500 Shares of EuroDry (NASDAQ:EDRY) Stock

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas purchased 500 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $22.00 per share, for a total transaction of $11,000.00. Following the purchase, the director owned 77,667 shares of the company’s stock, valued at approximately $1,708,674. This trade represents a 0.65% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

EuroDry Stock Performance

EDRY stock opened at $24.00 on Thursday. EuroDry has a 1-year low of $8.95 and a 1-year high of $28.00. The business has a 50-day moving average price of $22.03 and a 200 day moving average price of $18.17. The company has a market capitalization of $69.36 million, a P/E ratio of -184.62 and a beta of 0.71. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.61 and a quick ratio of 1.55.

EuroDry (NASDAQ:EDRY) last issued its earnings results on Wednesday, May 20th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.30). The business had revenue of $12.79 million for the quarter, compared to the consensus estimate of $15.62 million. EuroDry had a negative return on equity of 0.88% and a negative net margin of 0.55%. As a group, equities research analysts forecast that EuroDry will post 3.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

EDRY has been the subject of a number of recent research reports. Zacks Research downgraded shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Weiss Ratings lowered EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen upgraded EuroDry from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.50.

Institutional Investors Weigh In On EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC grew its position in EuroDry (NASDAQ:EDRY) by 53.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,347 shares of the company’s stock after purchasing an additional 21,047 shares during the quarter. Renaissance Technologies LLC owned about 2.09% of EuroDry worth $1,189,000 at the end of the most recent reporting period. Institutional investors own 2.44% of the company’s stock.

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.