EuroDry (NASDAQ:EDRY) Sees Significant Increase in Short Interest

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Zacks Research downgraded shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Wall Street Zen upgraded shares of EuroDry from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Noble Financial upgraded 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, Weiss Ratings downgraded shares of EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.50.

EuroDry Stock Performance

NASDAQ EDRY traded up $0.23 on Monday, reaching $23.22. 19,458 shares of the company’s stock traded hands, compared to its average volume of 24,077. The firm has a market cap of $67.11 million, a price-to-earnings ratio of -178.62 and a beta of 0.71. The stock has a 50 day moving average price of $20.74 and a 200-day moving average price of $16.95. EuroDry has a fifty-two week low of $8.00 and a fifty-two week high of $24.48. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.55 and a current ratio of 1.61.

EuroDry (NASDAQ:EDRY) last posted its earnings results on Wednesday, May 20th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.30). The business had revenue of $12.79 million for the quarter, compared to analyst estimates of $15.62 million. EuroDry had a negative net margin of 0.55% and a negative return on equity of 0.88%. Equities research analysts predict that EuroDry will post 3.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in EuroDry stock. Renaissance Technologies LLC raised its position in EuroDry (NASDAQ:EDRY) by 53.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 60,347 shares of the company’s stock after buying an additional 21,047 shares during the period. Renaissance Technologies LLC owned about 2.09% of EuroDry worth $1,189,000 at the end of the most recent quarter. 2.44% of the stock is owned by hedge funds and other institutional investors.

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.