Short Interest in EuroDry (NASDAQ:EDRY) Increases By 117.7%

EuroDry (NASDAQ:EDRY) was the recipient of a significant growth in short interest in the month of May. As of May 15th, there was short interest totaling 5,296 shares, a growth of 117.7% from the April 30th total of 2,433 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average daily volume of 24,970 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Trading of EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC raised its position in shares of EuroDry (NASDAQ:EDRY) by 53.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 60,347 shares of the company’s stock after buying an additional 21,047 shares during the quarter. Renaissance Technologies LLC owned about 2.09% of EuroDry worth $1,189,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 2.44% of the company’s stock.

Analyst Upgrades and Downgrades

EDRY has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Tuesday. Wall Street Zen raised shares of EuroDry from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Noble Financial raised shares of EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 price objective for the company in a research note on Thursday, February 12th. Finally, Zacks Research lowered shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $23.50.

EuroDry Stock Up 1.2%

Shares of EDRY traded up $0.28 during trading hours on Friday, hitting $22.99. The company had a trading volume of 14,162 shares, compared to its average volume of 25,283. The company has a current ratio of 1.61, a quick ratio of 1.55 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $66.44 million, a PE ratio of -176.85 and a beta of 0.65. EuroDry has a one year low of $7.60 and a one year high of $24.48. The company’s fifty day moving average price is $20.74 and its two-hundred day moving average price is $16.92.

EuroDry (NASDAQ:EDRY) last issued its quarterly earnings data on Wednesday, May 20th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.30). The company had revenue of $12.79 million for the quarter, compared to the consensus estimate of $15.62 million. EuroDry had a negative net margin of 0.55% and a negative return on equity of 0.88%. As a group, equities analysts forecast that EuroDry will post 3.87 earnings per share for the current fiscal year.

About EuroDry

EuroDry Limited is a Marshall Islands–incorporated shipping company, formed in 2005 and headquartered in Piraeus, Greece. The company is publicly traded on the NASDAQ under the symbol EDRY. Since its inception, EuroDry has focused exclusively on the marine transportation of drybulk commodities and has grown its fleet through a combination of newbuilding contracts and second-hand acquisitions.

As of mid-2024, EuroDry’s operating fleet comprises Capesize, Panamax and Supramax drybulk carriers, collectively providing over one million deadweight tons (dwt) of capacity.