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

EuroDry (NASDAQ:EDRY) announced its earnings results on Thursday. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $17.77 million.

EuroDry Price Performance

Shares of EuroDry stock traded up $1.60 on Friday, hitting $18.50. 38,848 shares of the company traded hands, compared to its average volume of 5,826. EuroDry has a 52 week low of $7.60 and a 52 week high of $18.76. The business has a 50-day simple moving average of $13.62 and a 200 day simple moving average of $12.67. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.21 and a current ratio of 1.27. The stock has a market capitalization of $52.54 million, a P/E ratio of -11.78 and a beta of 0.94.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on EDRY shares. Zacks Research raised EuroDry from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EuroDry in a research note on Thursday, January 22nd. Finally, 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 report on Thursday, February 12th. 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.50.

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.