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

EuroDry (NASDAQ:EDRY) saw a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 1,800 shares, a decrease of 66.0% from the May 14th total of 5,296 shares. Based on an average daily trading volume, of 25,037 shares, the short-interest ratio is presently 0.1 days. Currently, 0.1% of the company’s shares are short sold.

EuroDry Stock Performance

EDRY stock opened at $22.08 on Thursday. The company has a quick ratio of 1.55, a current ratio of 1.61 and a debt-to-equity ratio of 0.86. The business’s fifty day simple moving average is $21.29 and its two-hundred day simple moving average is $17.46. EuroDry has a twelve month low of $8.66 and a twelve month high of $24.48. The firm has a market cap of $63.83 million, a price-to-earnings ratio of -169.85 and a beta of 0.71.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on EDRY. Weiss Ratings lowered EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Zacks Research lowered EuroDry from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Wall Street Zen upgraded EuroDry from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Finally, Noble Financial upgraded EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 price target on the stock in a report on Thursday, February 12th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, EuroDry has an average rating of “Hold” and a consensus price target of $23.50.

Institutional Trading of EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC grew its holdings in EuroDry (NASDAQ:EDRY) by 53.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,347 shares of the company’s stock after purchasing 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 filing with the Securities & Exchange Commission. 2.44% of the stock is owned by institutional investors.

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.