EuroDry (NASDAQ:EDRY) Trading Up 4.8% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

EuroDry Trading Up 4.8%

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

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

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.