EuroDry (NASDAQ:EDRY) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of EuroDry (NASDAQ:EDRY) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks reports.

A number of other equities research analysts also recently commented on EDRY. Weiss Ratings restated a “sell (d-)” rating on shares of EuroDry in a research report on Friday, August 21st. Alliance Global Partners reiterated a “buy” rating on shares of EuroDry in a report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $23.50.

EuroDry Stock Up 8.0%

Shares of NASDAQ EDRY opened at $60.79 on Tuesday. The company has a 50 day simple moving average of $50.24 and a 200-day simple moving average of $31.84. The company has a market capitalization of $174.28 million, a P/E ratio of 18.37 and a beta of 0.77. 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 has a 1 year low of $11.94 and a 1 year high of $73.07.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings data on Thursday, August 6th. The company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $1.21. The firm had revenue of $17.70 million for the quarter, compared to analysts’ expectations of $17.86 million. EuroDry had a return on equity of 8.77% and a net margin of 15.02%. On average, equities research analysts predict that EuroDry will post 5.77 earnings per share for the current year.

Insider Activity at EuroDry

In other EuroDry news, Director Aristeidis P. Pittas sold 2,950 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $50.76, for a total value of $149,742.00. Following the sale, the director owned 33,020 shares of the company’s stock, valued at $1,676,095.20. The trade was a 8.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Symeon Pariaros sold 2,700 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $42.00, for a total value of $113,400.00. Following the completion of the sale, the insider directly owned 4,576 shares in the company, valued at approximately $192,192. The trade was a 37.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 12,726 shares of company stock worth $568,005. Company insiders own 51.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in EuroDry by 53.6% during the 1st quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock valued at $1,189,000 after acquiring an additional 21,047 shares during the period. BlackRock Inc. acquired a new position in EuroDry in the 2nd quarter valued at about $47,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new position in EuroDry in the 3rd quarter valued at about $32,000. 2.44% of the stock is currently owned by hedge funds and other institutional investors.

About EuroDry

EuroDry Ltd. is a dry bulk shipping company that owns and operates vessels used to transport major and minor bulk commodities worldwide. Its fleet serves international trade routes and carries cargoes such as iron ore, grains, coal, steel products, and other dry bulk materials.

The company operates vessels in several dry bulk segments, including Handysize, Supramax, Ultramax, and Panamax ships. EuroDry manages the commercial and technical operations of its vessels through a combination of voyage charters, time charters, and other employment arrangements, depending on market conditions and customer requirements.

EuroDry was established in 1997 and is headquartered in Maroussi, Greece.