EuroDry (NASDAQ:EDRY) Shares Up 4.8% – Still a Buy?

EuroDry (NASDAQ:EDRY) shares rose 4.8% during mid-day trading on Friday . The stock traded as high as $20.00 and last traded at $19.35. Approximately 25,589 shares traded hands during trading, a decline of 38% from the average daily volume of 41,348 shares. The stock had previously closed at $18.47.

Analysts Set New Price Targets

Several equities analysts have weighed in on EDRY shares. Zacks Research raised EuroDry from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 13th. Noble Financial raised shares of EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 price target on the stock in a research report on Thursday, February 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, EuroDry presently has an average rating of “Moderate Buy” and an average target price of $23.50.

EuroDry Stock Performance

The stock’s 50-day simple moving average is $16.54 and its 200 day simple moving average is $14.03. The company has a market capitalization of $54.95 million, a PE ratio of -12.32 and a beta of 0.87. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.46 and a current ratio of 1.53.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.09. The business had revenue of $17.39 million during the quarter, compared to analysts’ expectations of $17.77 million. EuroDry had a negative net margin of 8.16% and a negative return on equity of 6.83%. As a group, research analysts expect that EuroDry will post -2.84 earnings per share for the current fiscal year.

EuroDry Company Profile

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.