Zacks Investment Research Lowers EuroDry (NASDAQ:EDRY) to Hold

Zacks Investment Research cut shares of EuroDry (NASDAQ:EDRYGet Rating) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “EuroDry Ltd. is an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes. EuroDry Ltd. is based in Marousi, Greece. “

Several other research analysts have also issued reports on the company. Maxim Group upped their target price on EuroDry from $50.00 to $57.00 in a research report on Thursday, April 21st. TheStreet upgraded EuroDry from a c rating to a b- rating in a research report on Monday, February 14th.

NASDAQ EDRY traded down $1.39 during trading on Thursday, hitting $36.10. 111 shares of the stock traded hands, compared to its average volume of 89,839. The company has a market capitalization of $105.41 million, a P/E ratio of 3.49 and a beta of 0.17. The company has a quick ratio of 1.67, a current ratio of 1.72 and a debt-to-equity ratio of 0.82. The firm has a 50-day simple moving average of $31.89 and a 200-day simple moving average of $25.31. EuroDry has a 12-month low of $12.21 and a 12-month high of $44.99.

EuroDry (NASDAQ:EDRYGet Rating) last posted its quarterly earnings data on Wednesday, February 9th. The company reported $4.29 earnings per share (EPS) for the quarter. The company had revenue of $22.32 million during the quarter. EuroDry had a return on equity of 57.72% and a net margin of 48.34%. As a group, research analysts predict that EuroDry will post 15.71 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in EuroDry by 72.9% in the 3rd quarter. Renaissance Technologies LLC now owns 116,000 shares of the company’s stock valued at $3,617,000 after acquiring an additional 48,900 shares during the period. Two Sigma Investments LP increased its position in EuroDry by 17.8% in the 3rd quarter. Two Sigma Investments LP now owns 41,415 shares of the company’s stock valued at $1,291,000 after acquiring an additional 6,249 shares during the period. Two Sigma Advisers LP increased its position in EuroDry by 4.2% in the 3rd quarter. Two Sigma Advisers LP now owns 46,800 shares of the company’s stock valued at $1,459,000 after acquiring an additional 1,900 shares during the period. Marshall Wace LLP acquired a new position in EuroDry in the 3rd quarter valued at about $1,245,000. Finally, Morgan Stanley boosted its holdings in EuroDry by 78.0% in the 3rd quarter. Morgan Stanley now owns 9,328 shares of the company’s stock valued at $291,000 after purchasing an additional 4,089 shares in the last quarter. Hedge funds and other institutional investors own 11.93% of the company’s stock.

About EuroDry (Get Rating)

EuroDry Ltd., through its subsidiaries, provides ocean-going transportation services worldwide. The company owns and operates drybulk carriers that transport major bulks, such as iron ore, coal, and grains; and minor bulks, including bauxite, phosphate, and fertilizers. As of March 31, 2022, it operated a fleet of ten drybulk carriers comprising five Panamax drybulk carriers, two Ultramax drybulk carrier, two Kamsarmax carriers, and one Supramax drybulk carrier with a cargo capacity of 726,555 deadweight tons.

Further Reading

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