EuroDry (NASDAQ:EDRY) Short Interest Update

EuroDry (NASDAQ:EDRY) was the target 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. Based on an average daily volume of 157,344 shares, the short-interest ratio is currently 0.9 days. Currently, 9.8% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, insider Symeon Pariaros sold 2,700 shares of EuroDry 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 sale, the insider directly owned 4,576 shares of the company’s stock, valued at approximately $192,192. The trade was a 37.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Aristeidis P. Pittas sold 2,950 shares of the business’s stock in a transaction dated 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 sale, the director owned 33,020 shares in the company, valued at $1,676,095.20. This represents a 8.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,726 shares of company stock valued at $568,005 in the last three months.

Hedge Funds Weigh In On EuroDry

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

EuroDry Price Performance

Shares of NASDAQ EDRY opened at $67.12 on Monday. The firm’s 50-day moving average price is $36.83 and its 200-day moving average price is $26.73. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $192.63 million, a price-to-earnings ratio of 20.28 and a beta of 0.74. EuroDry has a 12-month low of $11.21 and a 12-month high of $71.84.

EuroDry (NASDAQ:EDRY) last announced its quarterly earnings results on Thursday, August 6th. The company reported $2.44 EPS for the quarter, beating 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 firm had revenue of $17.70 million during the quarter, compared to the consensus estimate of $17.86 million. On average, equities research analysts anticipate that EuroDry will post 5.77 EPS for the current fiscal year.

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.