EuroDry (NASDAQ:EDRY) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of EuroDry (NASDAQ:EDRY) from a hold rating to a strong-buy rating in a research report report published on Monday,Zacks reports.

A number of other equities analysts have also recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a research note on Friday, August 21st. Alliance Global Partners restated a “buy” rating on shares of EuroDry in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.50.

EuroDry Trading Up 0.9%

Shares of EDRY opened at $38.80 on Monday. The stock has a market capitalization of $111.24 million, a PE ratio of 11.72 and a beta of 0.82. The company’s fifty day moving average is $52.14 and its 200 day moving average is $30.49. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.23 and a current ratio of 1.28. EuroDry has a fifty-two week low of $12.30 and a fifty-two week high of $73.07.

Insider Activity

In other news, Director Panagiotis Kyriakopoulos sold 2,067 shares of EuroDry stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $43.80, for a total value of $90,534.60. Following the completion of the transaction, the director owned 8,400 shares in the company, valued at approximately $367,920. The trade was a 19.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Symeon Pariaros sold 2,676 shares of EuroDry stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $45.80, for a total value of $122,560.80. Following the completion of the transaction, the insider owned 1,900 shares of the company’s stock, valued at approximately $87,020. This trade represents a 58.48% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders purchased 2,200 shares of company stock valued at $110,925 and sold 11,993 shares valued at $548,277.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Sowell Financial Services LLC bought a new position in EuroDry during the third quarter valued at $592,000. Renaissance Technologies LLC raised its stake in shares of EuroDry by 53.6% in the first quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock valued at $1,189,000 after acquiring an additional 21,047 shares during the period. Commonwealth Equity Services LLC purchased a new stake in shares of EuroDry in the third quarter valued at $371,000. MassMutual Private Wealth & Trust FSB bought a new stake in shares of EuroDry in the 3rd quarter worth about $32,000. Finally, BlackRock Inc. bought a new stake in shares of EuroDry in the 2nd quarter worth about $47,000. 2.44% of the stock is owned by hedge funds and other institutional investors.

EuroDry Company Profile

EuroDry Ltd. (NASDAQ: EDRY) is a dry bulk shipping company that owns and operates vessels used to transport a range of essential commodities. Its cargoes may include iron ore, grain, coal, steel products, forest products and other dry bulk materials. The company’s fleet has primarily consisted of smaller dry bulk vessels, including Handy-size and Supramax-class ships. These vessels serve international trade routes and are employed through time charters, voyage charters and other commercial arrangements, depending on market conditions and customer requirements.