Noble Financial Issues Negative Outlook for EuroDry Earnings

EuroDry Ltd. (NASDAQ:EDRY) – Equities researchers at Noble Financial cut their Q3 2024 EPS estimates for EuroDry in a research note issued to investors on Wednesday, October 23rd. Noble Financial analyst M. Reichman now anticipates that the company will post earnings of ($0.70) per share for the quarter, down from their prior forecast of ($0.55). Noble Financial has a “Strong-Buy” rating on the stock. The consensus estimate for EuroDry’s current full-year earnings is ($0.65) per share. Noble Financial also issued estimates for EuroDry’s Q4 2024 earnings at $1.20 EPS, FY2024 earnings at ($0.85) EPS, Q1 2025 earnings at $1.17 EPS, Q2 2025 earnings at $1.51 EPS and FY2025 earnings at $5.69 EPS.

EuroDry (NASDAQ:EDRY) last posted its earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.75). The business had revenue of $17.44 million during the quarter, compared to the consensus estimate of $17.89 million. EuroDry had a negative net margin of 4.11% and a negative return on equity of 2.08%.

EuroDry Trading Down 0.4 %

EDRY stock opened at $18.92 on Friday. EuroDry has a 1-year low of $14.46 and a 1-year high of $24.84. The company has a current ratio of 0.98, a quick ratio of 0.84 and a debt-to-equity ratio of 0.72. The business’s 50 day moving average is $20.17 and its 200-day moving average is $21.33. The firm has a market cap of $53.67 million, a P/E ratio of -16.60 and a beta of 0.78.

Institutional Trading of EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC lifted its position in EuroDry Ltd. (NASDAQ:EDRY) by 1.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 55,100 shares of the company’s stock after purchasing an additional 900 shares during the quarter. Renaissance Technologies LLC owned 1.94% of EuroDry worth $1,353,000 at the end of the most recent reporting period. 2.44% of the stock is owned by hedge funds and other institutional investors.

EuroDry Company Profile

EuroDry Ltd., through its subsidiaries, provides ocean-going transportation services worldwide. It owns and operates a fleet of drybulk carriers that transport major bulks, such as iron ore, coal, and grains; and minor bulks, including bauxite, phosphate, and fertilizers. The company fleet consisted of 13 drybulk carriers comprising five Panamax drybulk carriers, two Kamsarmax, five Ultramax drybulk carriers, and one Supramax drybulk carrier with a total cargo carrying capacity of 918,502 dwt.