EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2024
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 19 2024
0mins
Source: Newsfilter
Financial Performance: EuroDry Ltd. reported a net revenue of $14.7 million for Q3 2024, with a net loss of $4.2 million, while total revenues for the first nine months reached $46.6 million, reflecting a 47% increase compared to the same period in 2023.
Market Challenges and Strategies: The company faced declining average earnings due to weakened demand, particularly from China, but has taken steps such as refinancing loans to improve liquidity and exploring investment opportunities in the current market downturn.
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Analyst Views on EDRY
Wall Street analysts forecast EDRY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for EDRY is 22.50 USD with a low forecast of 20.00 USD and a high forecast of 25.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 13.750
Low
20.00
Averages
22.50
High
25.00
Current: 13.750
Low
20.00
Averages
22.50
High
25.00
About EDRY
EuroDry Ltd is a Greece-based company which operates in the dry cargo, dry bulk shipping markets. The Company's operations are managed by Eurobulk Ltd an 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 Ltd employs its vessels on spot and period charters and through pool arrangements. The Company has a fleet of more than five vessels, including Kamsarmax drybulk carriers, Panamax drybulk carriers and an Ultramax drybulk carrier with a total cargo capacity of approximately 400,000 deadweight tonnage (dwt). The Company's subsidiaries are: Kamsarmax One Shipping Ltd, Kamsarmax Two Shipping Ltd and Eirini Shipping Ltd, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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