Noble Financial Has Bearish Estimate for EuroDry Q3 Earnings

EuroDry Ltd. (NASDAQ:EDRY) – Research analysts at Noble Financial lowered their Q3 2024 earnings per share estimates for EuroDry in a note issued to investors on Wednesday, October 23rd. Noble Financial analyst M. Reichman now forecasts that the company will post earnings of ($0.70) per share for the quarter, down from their previous estimate of ($0.55). Noble Financial currently has a “Strong-Buy” rating on the stock. The consensus estimate for EuroDry’s current full-year earnings is ($0.65) per share. Noble Financial also issued estimates for EuroDry’s Q4 2024 earnings at $1.20 EPS, FY2024 earnings at ($0.85) EPS, Q1 2025 earnings at $1.17 EPS, Q2 2025 earnings at $1.51 EPS and FY2025 earnings at $5.69 EPS.

EuroDry (NASDAQ:EDRY) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.75). The company had revenue of $17.44 million during the quarter, compared to analysts’ expectations of $17.89 million. EuroDry had a negative net margin of 4.11% and a negative return on equity of 2.08%.

EuroDry Price Performance

EuroDry stock opened at $19.01 on Friday. The stock has a market cap of $53.91 million, a price-to-earnings ratio of -16.68 and a beta of 0.78. The company has a quick ratio of 0.84, a current ratio of 0.98 and a debt-to-equity ratio of 0.72. The business has a 50-day simple moving average of $20.20 and a 200 day simple moving average of $21.33. EuroDry has a 52 week low of $14.46 and a 52 week high of $24.84.

Institutional Trading of EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC raised its holdings in EuroDry Ltd. (NASDAQ:EDRY) by 1.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,100 shares of the company’s stock after acquiring an additional 900 shares during the period. Renaissance Technologies LLC owned approximately 1.94% of EuroDry worth $1,353,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 2.44% of the company’s stock.

About EuroDry

EuroDry Ltd., through its subsidiaries, provides ocean-going transportation services worldwide. It owns and operates a fleet of drybulk carriers that transport major bulks, such as iron ore, coal, and grains; and minor bulks, including bauxite, phosphate, and fertilizers. The company fleet consisted of 13 drybulk carriers comprising five Panamax drybulk carriers, two Kamsarmax, five Ultramax drybulk carriers, and one Supramax drybulk carrier with a total cargo carrying capacity of 918,502 dwt.