EuroDry (NASDAQ:EDRY) Short Interest Up 312.2% in August

EuroDry (NASDAQ:EDRY) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 136,921 shares, a growth of 312.2% from the August 15th total of 33,216 shares. Approximately 9.8% of the shares of the stock are sold short. Based on an average daily volume of 157,344 shares, the days-to-cover ratio is currently 0.9 days.

Insider Buying and Selling

In other news, insider Symeon Pariaros sold 2,700 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $42.00, for a total value of $113,400.00. Following the completion of the sale, the insider owned 4,576 shares of the company’s stock, valued at approximately $192,192. The trade was a 37.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Aristeidis P. Pittas sold 2,950 shares of EuroDry stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $50.76, for a total value of $149,742.00. Following the completion of the transaction, the director directly owned 33,020 shares in the company, valued at $1,676,095.20. This trade represents a 8.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,726 shares of company stock worth $568,005 over the last quarter. Company insiders own 51.40% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in EuroDry stock. Renaissance Technologies LLC increased its position in EuroDry (NASDAQ:EDRY) by 53.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 60,347 shares of the company’s stock after purchasing an additional 21,047 shares during the quarter. Renaissance Technologies LLC owned approximately 2.09% of EuroDry worth $1,189,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 2.44% of the company’s stock.

EuroDry Trading Up 5.1%

Shares of EDRY traded up $3.23 during trading hours on Friday, reaching $67.12. 220,603 shares of the company traded hands, compared to its average volume of 141,798. The company’s fifty day moving average price is $36.83 and its two-hundred day moving average price is $26.68. The company has a market capitalization of $192.63 million, a price-to-earnings ratio of 20.28 and a beta of 0.74. The company has a quick ratio of 1.23, a current ratio of 1.28 and a debt-to-equity ratio of 0.69. EuroDry has a 12 month low of $11.21 and a 12 month high of $71.84.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings results on Thursday, August 6th. The company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $1.21. EuroDry had a net margin of 15.02% and a return on equity of 8.77%. The company had revenue of $17.70 million during the quarter, compared to the consensus estimate of $17.86 million. Equities research analysts predict that EuroDry will post 5.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Zacks Research upgraded shares of EuroDry from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a research note on Friday, August 21st. Finally, Alliance Global Partners restated a “buy” rating on shares of EuroDry in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

EuroDry Company Profile

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.