Insider Buying: EuroDry (NASDAQ:EDRY) Director Purchases 700 Shares of Stock

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas acquired 700 shares of EuroDry stock in a transaction that occurred on Tuesday, October 13th. The stock was bought at an average cost of $51.18 per share, with a total value of $35,826.00. Following the acquisition, the director directly owned 76,788 shares of the company’s stock, valued at approximately $3,930,009.84. This trade represents a 0.92% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

EuroDry Stock Performance

Shares of EDRY opened at $53.23 on Wednesday. The firm has a 50-day moving average price of $51.93 and a 200 day moving average price of $32.59. The firm has a market capitalization of $152.77 million, a PE ratio of 16.08 and a beta of 0.77. The company has a quick ratio of 1.23, a current ratio of 1.28 and a debt-to-equity ratio of 0.69. EuroDry has a 52-week low of $11.94 and a 52-week high of $73.07.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on EDRY shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of EuroDry in a research note on Friday, August 21st. Zacks Research cut EuroDry from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. Finally, Alliance Global Partners restated 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 given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, EuroDry presently has a consensus rating of “Hold” and a consensus target price of $23.50.

Institutional Investors Weigh In On EuroDry

Institutional investors and hedge funds have recently bought and sold shares of the business. MassMutual Private Wealth & Trust FSB bought a new stake in shares of EuroDry in the 3rd quarter worth approximately $32,000. BlackRock Inc. acquired a new stake in EuroDry during the second quarter valued at approximately $47,000. Finally, Renaissance Technologies LLC boosted its holdings in EuroDry by 53.6% during the first quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock worth $1,189,000 after buying an additional 21,047 shares in the last quarter. 2.44% of the stock is owned by institutional investors and hedge funds.

EuroDry Company Profile

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.