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EuroDry (EDRY) Moves 13.6% Higher: Will This Strength Last?

Zacks Equity Research
·2-min read

EuroDry (EDRY) shares soared 13.6% in the last trading session to close at $37.98. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 22% gain over the past four weeks.

Bullishness surrounding the dry bulk market is a huge boon for EuroDry .Increased fleet utilization with the gradual resumption of economic activities and an uptick in world trade have also aided the shipping stock. Shares of EDRY gained 82.5% so far this year.

This company is expected to post quarterly earnings of $3.40 per share in its upcoming report, which represents a year-over-year change of +518.2%. Revenues are expected to be $19.52 million, up 127.8% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For EuroDry, the consensus EPS estimate for the quarter has been revised 2.4% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on EDRY going forward to see if this recent jump can turn into more strength down the road.

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The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

EuroDry is a member of the Zacks Transportation - Shipping industry. One other stock in the same industry, Scorpio Tankers (STNG), finished the last trading session 0.7% lower at $21.56. STNG has returned 13.9% over the past month.

For Scorpio Tankers , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.59. This represents a change of +43.8% from what the company reported a year ago. Scorpio Tankers currently has a Zacks Rank of #3 (Hold).


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