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EURODRY LTD (EDRY) Surges 25.5%: Is This an Indication of Further Gains?
EURODRY LTD (EDRY - Free Report) shares ended the last trading session 25.5% higher at $27.89. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 44.8% gain over the past four weeks.
The stock surged primarily on optimism surrounding the improvement in drybulk market and increase in rates as economic activities ramp up across the globe.
Price and Consensus
This company is expected to post quarterly earnings of $2.05 per share in its upcoming report, which represents a year-over-year change of +218.5%. Revenues are expected to be $13.23 million, up 229.1% 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 LTD, the consensus EPS estimate for the quarter has been revised 180.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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.
The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>