EuroDry (NASDAQ:EDRY) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of EuroDry (NASDAQ:EDRY) from a hold rating to a buy rating in a research note issued to investors on Thursday, Zacks.com reports. The firm currently has $6.50 price target on the stock.

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. “

A number of other research firms also recently commented on EDRY. ValuEngine upgraded EuroDry from a hold rating to a buy rating in a research report on Tuesday, December 10th. Noble Financial reissued a buy rating and issued a $13.50 price objective on shares of EuroDry in a research note on Thursday, November 21st. Finally, Maxim Group restated a buy rating and set a $9.00 target price on shares of EuroDry in a research report on Tuesday, November 19th.

Shares of EDRY stock traded down $0.06 during midday trading on Thursday, reaching $6.24. 536 shares of the company traded hands, compared to its average volume of 1,297. The firm’s 50 day simple moving average is $6.82 and its two-hundred day simple moving average is $7.60. EuroDry has a 1-year low of $4.73 and a 1-year high of $10.90. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.78 and a quick ratio of 0.74. The firm has a market cap of $12.88 million, a PE ratio of -5.89 and a beta of -0.82.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.62. The business had revenue of $7.61 million for the quarter. EuroDry had a negative return on equity of 1.16% and a negative net margin of 3.90%. As a group, research analysts anticipate that EuroDry will post -1.29 earnings per share for the current fiscal year.

About EuroDry

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 comprising bauxite, phosphate, and fertilizers. As of November 15, 2018, it operated a fleet of six vessels, including one Ultramax, two Kamsarmax, and three Panamax drybulk carriers with a cargo capacity of 453,086 deadweight tons.

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