Short Interest in EuroDry (NASDAQ:EDRY) Declines By 54.9%

EuroDry (NASDAQ:EDRY) saw a significant decline in short interest in April. As of April 30th, there was short interest totaling 2,433 shares, a decline of 54.9% from the April 15th total of 5,389 shares. Based on an average trading volume of 21,999 shares, the short-interest ratio is presently 0.1 days. Approximately 0.1% of the shares of the stock are short sold.

Hedge Funds Weigh In On EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC grew its position in shares of EuroDry (NASDAQ:EDRY) by 53.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,347 shares of the company’s stock after acquiring an additional 21,047 shares during the period. Renaissance Technologies LLC owned about 2.09% of EuroDry worth $1,189,000 as of its most recent SEC filing. Institutional investors own 2.44% of the company’s stock.

EuroDry Trading Down 3.9%

EuroDry stock traded down $0.87 during mid-day trading on Friday, hitting $21.16. The company’s stock had a trading volume of 4,022 shares, compared to its average volume of 23,211. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.53 and a quick ratio of 1.46. The stock has a market cap of $61.15 million, a price-to-earnings ratio of -13.48 and a beta of 0.65. The business has a 50 day moving average price of $20.18 and a 200-day moving average price of $16.24. EuroDry has a 12 month low of $7.60 and a 12 month high of $23.98.

EuroDry (NASDAQ:EDRY) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.09. The business had revenue of $17.39 million during the quarter, compared to the consensus estimate of $17.77 million. EuroDry had a negative net margin of 8.16% and a negative return on equity of 6.83%. As a group, analysts forecast that EuroDry will post 2.98 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EDRY. Weiss Ratings upgraded shares of EuroDry from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 6th. Noble Financial upgraded shares of EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 target price for the company in a research report on Thursday, February 12th. Zacks Research lowered shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Finally, Wall Street Zen upgraded shares of EuroDry from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, EuroDry currently has an average rating of “Hold” and an average price target of $23.50.

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.