Short Interest in EuroDry (NASDAQ:EDRY) Increases By 117.7%

EuroDry (NASDAQ:EDRY) was the recipient of a large increase in short interest during the month of 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. Based on an average daily trading volume, of 24,970 shares, the short-interest ratio is currently 0.2 days. Approximately 0.4% of the shares of the stock are short sold.

EuroDry Stock Performance

EuroDry stock traded down $0.35 during mid-day trading on Tuesday, reaching $22.87. 19,458 shares of the company traded hands, compared to its average volume of 25,376. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.61 and a quick ratio of 1.55. EuroDry has a fifty-two week low of $8.00 and a fifty-two week high of $24.48. The company has a market capitalization of $66.12 million, a price-to-earnings ratio of -177.54 and a beta of 0.65. The firm’s fifty day moving average is $20.84 and its two-hundred day moving average is $17.02.

EuroDry (NASDAQ:EDRY) last issued its quarterly 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). EuroDry had a negative net margin of 0.55% and a negative return on equity of 0.88%. The company had revenue of $12.79 million for the quarter, compared to analyst estimates of $15.62 million. On average, equities research analysts expect that EuroDry will post 3.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

EDRY has been the topic of several analyst reports. Zacks Research downgraded shares of EuroDry from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Noble Financial raised 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 report on Thursday, February 12th. Wall Street Zen raised shares of EuroDry from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Finally, Weiss Ratings cut shares of EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a research report 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, EuroDry presently has a consensus rating of “Hold” and a consensus target price of $23.50.

Institutional Inflows and Outflows

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