Alliance Global Partners Initiates Coverage of EuroDry (EDRY) with Buy Recommendation

Fintel reports that on November 28, 2023, Alliance Global Partners initiated coverage of EuroDry (NASDAQ:EDRY) with a Buy recommendation.

Analyst Price Forecast Suggests 31.78% Upside

As of November 27, 2023, the average one-year price target for EuroDry is 23.97. The forecasts range from a low of 17.17 to a high of $31.50. The average price target represents an increase of 31.78% from its latest reported closing price of 18.19.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for EuroDry is 68MM, an increase of 45.78%. The projected annual non-GAAP EPS is 10.73.

What is the Fund Sentiment?

There are 12 funds or institutions reporting positions in EuroDry. This is a decrease of 1 owner(s) or 7.69% in the last quarter. Average portfolio weight of all funds dedicated to EDRY is 0.00%, an increase of 24.81%. Total shares owned by institutions increased in the last three months by 34.98% to 67K shares.

What are Other Shareholders Doing?

EDRY / EuroDry Ltd Shares Held by Institutions

Renaissance Technologies holds 32K shares representing 1.14% ownership of the company. In it's prior filing, the firm reported owning 26K shares, representing an increase of 19.50%. The firm increased its portfolio allocation in EDRY by 59.92% over the last quarter.

Linden Thomas Advisory Services holds 13K shares representing 0.45% ownership of the company. In it's prior filing, the firm reported owning 11K shares, representing an increase of 12.84%. The firm increased its portfolio allocation in EDRY by 25.12% over the last quarter.

Citadel Advisors holds 11K shares representing 0.38% ownership of the company.

FNCMX - Fidelity Nasdaq Composite Index Fund holds 3K shares representing 0.13% ownership of the company. No change in the last quarter.

Acadian Asset Management holds 3K shares representing 0.12% ownership of the company. In it's prior filing, the firm reported owning 4K shares, representing a decrease of 28.21%. The firm decreased its portfolio allocation in EDRY by 16.12% over the last quarter.

EuroDry Background Information
(This description is provided by the company.)

epublic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters. The Company has a fleet of 7 vessels, including 4 Panamax drybulk carriers, 1 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry's 7 drybulk carriers have a total cargo capacity of 528,931 dwt.

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This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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