EuroDry (NASDAQ:EDRY) Stock: Insider Aristeidis Pittas Purchases 600 Shares

EuroDry (NASDAQ:EDRY) Director Aristeidis Pittas purchased 600 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was bought at an average price of $48.17 per share, with a total value of $28,902.00. Following the completion of the transaction, the director owned 77,088 shares of the company’s stock, valued at $3,713,328.96. The trade was a 0.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

EuroDry Trading Down 6.7%

EDRY stock opened at $47.44 on Friday. 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 twelve month low of $11.94 and a twelve month high of $73.07. The stock has a market capitalization of $136.15 million, a price-to-earnings ratio of 14.33 and a beta of 0.77. The firm’s fifty day simple moving average is $52.77 and its two-hundred day simple moving average is $33.01.

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

Analyst Ratings Changes

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

Institutional Trading of EuroDry

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its position in shares of 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 purchasing an additional 21,047 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of EuroDry during the second quarter valued at $47,000. Finally, MassMutual Private Wealth & Trust FSB bought a new position in shares of EuroDry in the third quarter worth about $32,000. Hedge funds and other institutional investors own 2.44% of the company’s stock.

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.