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

EuroDry (NASDAQ:EDRY) saw a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 135,118 shares, a decline of 43.2% from the September 15th total of 237,860 shares. Based on an average daily volume of 196,614 shares, the short-interest ratio is currently 0.7 days. Currently, 9.7% of the shares of the stock are short sold.

Insider Activity

In other news, insider Symeon Pariaros sold 2,700 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $42.00, for a total value of $113,400.00. Following the completion of the sale, the insider owned 4,576 shares in the company, valued at approximately $192,192. This trade represents a 37.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Aristeidis P. Pittas sold 2,950 shares of the stock in a transaction that occurred on 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 approximately $1,676,095.20. The trade was a 8.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 12,726 shares of company stock valued at $568,005. 51.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EuroDry

Several hedge funds have recently modified their holdings of EDRY. Renaissance Technologies LLC lifted its holdings in EuroDry by 53.6% in the first quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock valued at $1,189,000 after acquiring an additional 21,047 shares during the period. BlackRock Inc. acquired a new stake in shares of EuroDry in the second quarter worth approximately $47,000. Finally, MassMutual Private Wealth & Trust FSB purchased a new stake in shares of EuroDry during the 3rd quarter valued at $32,000. 2.44% of the stock is owned by institutional investors and hedge funds.

EuroDry Trading Down 6.6%

Shares of NASDAQ EDRY traded down $3.35 during midday trading on Thursday, reaching $47.47. 93,714 shares of the stock were exchanged, compared to its average volume of 68,950. The company has a 50 day simple moving average of $52.41 and a 200 day simple moving average of $32.81. The stock has a market capitalization of $136.10 million, a P/E ratio of 14.29 and a beta of 0.77. EuroDry has a twelve month low of $11.94 and a twelve month high of $73.07. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.23 and a current ratio of 1.28.

EuroDry (NASDAQ:EDRY) last posted its quarterly earnings data on Thursday, August 6th. The company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $1.21. The firm had revenue of $17.70 million for the quarter, compared to the consensus estimate of $17.86 million. EuroDry had a return on equity of 8.77% and a net margin of 15.02%. As a group, equities analysts expect that EuroDry will post 5.77 earnings per share for the current year.

Key Headlines Impacting EuroDry

Here are the key news stories impacting EuroDry this week:

• Positive Sentiment: EuroDry ordered a third 82,000-DWT Kamsarmax bulk carrier from Hengli Shipbuilding for approximately $37 million. The eco-design vessel, compliant with EEDI Phase 3 standards, is scheduled for delivery in the third quarter of 2029. The order expands the company’s newbuilding program to five vessels and is expected to lower fleet age and improve fuel efficiency. EuroDry announces Kamsarmax construction order
• Positive Sentiment: Director Aristeidis Pittas purchased 700 EDRY shares at an average price of $51.18, investing $35,826 and increasing his direct ownership by 0.92%. Insider buying can signal confidence in the company’s outlook, although the transaction is modest relative to EuroDry’s market value. EuroDry director stock purchase
• Neutral Sentiment: The new vessel will be financed through a combination of debt and equity, and the contract remains conditional on receiving an acceptable bank refund guarantee. EuroDry expects its fleet to grow from 11 vessels today to 16 vessels by 2029, increasing capacity but also raising execution and market-cycle exposure. EuroDry GlobeNewswire release
• Negative Sentiment: Analyst sentiment remains cautious: coverage includes Buy, Hold, and Sell ratings, with a reported average rating of Hold and a consensus price target of $23.50. In addition, broader six-month insider activity has included substantially more selling than buying, which offsets some of the positive signal from Pittas’s latest purchase. EuroDry analyst and insider activity

Analyst Ratings Changes

Several research analysts recently commented on the stock. Zacks Research downgraded shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Alliance Global Partners reaffirmed a “buy” rating on shares of EuroDry in a research report on Friday, August 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a research report on Friday, August 21st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, EuroDry currently has a consensus rating of “Hold” and a consensus price target of $23.50.

About EuroDry

EuroDry Ltd. is a dry bulk shipping company that owns and operates vessels used to transport major and minor bulk commodities worldwide. Its fleet serves international trade routes and carries cargoes such as iron ore, grains, coal, steel products, and other dry bulk materials.

The company operates vessels in several dry bulk segments, including Handysize, Supramax, Ultramax, and Panamax ships. EuroDry manages the commercial and technical operations of its vessels through a combination of voyage charters, time charters, and other employment arrangements, depending on market conditions and customer requirements.

EuroDry was established in 1997 and is headquartered in Maroussi, Greece.