EuroDry (NASDAQ:EDRY) Stock: Insider Aristeidis Pittas Buys 700 Shares

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas acquired 700 shares of EuroDry stock in a transaction on Tuesday, October 13th. The shares were purchased at an average price of $51.18 per share, with a total value of $35,826.00. Following the completion of the purchase, the director owned 76,788 shares in the company, valued at $3,930,009.84. This represents a 0.92% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

EuroDry Stock Performance

EDRY stock opened at $47.44 on Friday. The stock has a market capitalization of $136.15 million, a PE ratio of 14.33 and a beta of 0.77. EuroDry has a 12-month low of $11.94 and a 12-month high of $73.07. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock’s 50 day simple moving average is $52.77 and its 200 day simple moving average is $33.01.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings data on Thursday, August 6th. The company reported $2.44 EPS for the quarter, topping the consensus estimate of $1.23 by $1.21. EuroDry had a return on equity of 8.77% and a net margin of 15.02%. The company had revenue of $17.70 million during the quarter, compared to the consensus estimate of $17.86 million. As a group, research analysts forecast that EuroDry will post 5.77 earnings per share for the current fiscal year.

Key EuroDry News

Here are the key news stories impacting EuroDry this week:

• Positive Sentiment: EuroDry ordered a third 82,000-DWT Kamsarmax bulk carrier from Hengli Shipbuilding for approximately $37 million. The eco-design vessel, scheduled for delivery in the third quarter of 2029, will comply with EEDI Phase 3 standards and could improve fuel efficiency and fleet competitiveness. EuroDry announces order for third Kamsarmax bulk carrier
• Positive Sentiment: The order expands EuroDry’s newbuilding program to five vessels. Management expects the additions to lower the fleet’s average age and grow the fleet from 11 vessels currently to 16 vessels by 2029, increasing total capacity from approximately 766,000 to 1.14 million DWT. EuroDry places $37 million Kamsarmax order
• Positive Sentiment: Director Aristeidis Pittas purchased 700 EDRY shares for about $35,826 at an average price of $51.18, increasing his direct holding by 0.92%. The purchase may signal management confidence, although it is modest relative to his existing stake. EuroDry director purchases stock
• Neutral Sentiment: The new vessel will be financed with a combination of debt and equity, and the contract remains conditional on receiving an acceptable bank refund guarantee. This creates execution and potential dilution or leverage considerations before the vessel contributes revenue.
• Negative Sentiment: Analyst opinion remains mixed: the consensus rating is “Hold,” with a reported average price target of $23.50, well below the stock’s recent trading range. Recent insider activity is also mixed overall, with more sales than purchases during the past six months. EuroDry analyst and market data

Hedge Funds Weigh In On EuroDry

A number of institutional investors and hedge funds have recently made changes to their positions in EDRY. MassMutual Private Wealth & Trust FSB bought a new stake in EuroDry during the third quarter valued at approximately $32,000. BlackRock Inc. purchased a new stake in EuroDry during the second quarter valued at approximately $47,000. Finally, Renaissance Technologies LLC raised its position in EuroDry by 53.6% in the first quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock worth $1,189,000 after acquiring an additional 21,047 shares during the period. Hedge funds and other institutional investors own 2.44% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Alliance Global Partners reiterated a “buy” rating on shares of EuroDry in a research report on Friday, August 7th. Zacks Research downgraded EuroDry from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a report on Friday, August 21st. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $23.50.

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.