EuroDry (NASDAQ:EDRY) Issues Earnings Results, Beats Expectations By $0.09 EPS

EuroDry (NASDAQ:EDRY) posted its earnings results on Thursday. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.09, Zacks reports. EuroDry had a negative return on equity of 6.87% and a negative net margin of 8.16%.The firm had revenue of $17.39 million for the quarter, compared to the consensus estimate of $17.77 million.

EuroDry Price Performance

EuroDry stock traded up $1.60 during midday trading on Friday, reaching $18.50. 38,848 shares of the stock traded hands, compared to its average volume of 5,826. The company has a quick ratio of 1.21, a current ratio of 1.27 and a debt-to-equity ratio of 0.86. EuroDry has a 12 month low of $7.60 and a 12 month high of $18.76. The stock’s fifty day moving average is $13.62 and its 200-day moving average is $12.67. The stock has a market cap of $52.54 million, a P/E ratio of -11.78 and a beta of 0.94.

Analyst Upgrades and Downgrades

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

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.