Toro Corp. (NASDAQ:TORO) Sees Large Growth in Short Interest

Toro Corp. (NASDAQ:TORO) saw a large growth in short interest in the month of April. As of April 30th, there was short interest totaling 254,696 shares, a growth of 969.8% from the April 15th total of 23,808 shares. Approximately 1.2% of the company’s shares are short sold. Based on an average daily trading volume, of 2,312,220 shares, the days-to-cover ratio is presently 0.1 days.

Insider Activity

In related news, CEO Petros Panagiotis Panagiotidis bought 1,982,728 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The stock was bought at an average cost of $6.08 per share, for a total transaction of $12,054,986.24. Following the transaction, the chief executive officer owned 20,488,963 shares of the company’s stock, valued at $124,572,895.04. This represents a 10.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders bought 2,315,971 shares of company stock worth $14,245,930.

Hedge Funds Weigh In On Toro

Institutional investors have recently modified their holdings of the business. Founders Capital Management lifted its holdings in shares of Toro by 28.6% during the 4th quarter. Founders Capital Management now owns 9,000 shares of the company’s stock valued at $48,000 after purchasing an additional 2,000 shares in the last quarter. Group One Trading LLC bought a new position in shares of Toro during the 3rd quarter valued at about $70,000. Citadel Advisors LLC bought a new stake in Toro in the 3rd quarter valued at approximately $79,000. Finally, Renaissance Technologies LLC lifted its stake in Toro by 19.2% in the 4th quarter. Renaissance Technologies LLC now owns 186,700 shares of the company’s stock valued at $986,000 after acquiring an additional 30,100 shares in the last quarter. Institutional investors own 1.74% of the company’s stock.

Toro Trading Down 3.2%

Toro stock opened at $5.20 on Tuesday. Toro has a 1 year low of $1.77 and a 1 year high of $8.50. The firm has a market capitalization of $111.64 million, a P/E ratio of 65.01 and a beta of 2.79. The business has a 50-day moving average of $4.43 and a 200-day moving average of $4.38.

Toro Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, June 5th. Stockholders of record on Monday, May 4th will be issued a dividend of $0.90 per share. The ex-dividend date is Monday, May 4th.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Toro in a research report on Friday, March 27th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Toro presently has an average rating of “Sell”.

About Toro

Toro Corp., a shipping company, acquires, owns, charters, and operates oceangoing tanker vessels and provides seaborne transportation services for crude oil LPG, and refined petroleum products worldwide. The company operates in three segments: Aframax/LR2 Tanker, Handysize Tanker, and LPG Carrier. As of December 31, 2023, it operated a fleet of one Handysize tanker vessel; one Aframax/LR2 vessel; and four LPG carrier vessels with an aggregate cargo carrying capacity of 0.1 million deadweight ton.