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

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas bought 500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were acquired at an average price of $22.00 per share, for a total transaction of $11,000.00. Following the completion of the transaction, the director directly owned 77,667 shares in the company, valued at approximately $1,708,674. This represents a 0.65% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

EuroDry Stock Down 12.7%

Shares of NASDAQ:EDRY opened at $20.16 on Tuesday. The company has a market cap of $58.28 million, a price-to-earnings ratio of -155.08 and a beta of 0.71. EuroDry has a 12 month low of $8.95 and a 12 month high of $28.00. The company has a current ratio of 1.61, a quick ratio of 1.55 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average price of $21.86 and a 200 day moving average price of $18.03.

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On EuroDry

An institutional investor recently raised its position in EuroDry stock. Renaissance Technologies LLC boosted its holdings in shares of EuroDry (NASDAQ:EDRY) by 53.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 60,347 shares of the company’s stock after acquiring an additional 21,047 shares during the quarter. Renaissance Technologies LLC owned 2.09% of EuroDry worth $1,189,000 as of its most recent SEC filing. Institutional investors and hedge funds 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.