EuroDry (NASDAQ:EDRY) Short Interest Up 225.6% in June

EuroDry (NASDAQ:EDRY) was the recipient of a large increase in short interest in the month of June. As of June 15th, there was short interest totaling 5,861 shares, an increase of 225.6% from the May 31st total of 1,800 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average daily trading volume, of 30,201 shares, the short-interest ratio is presently 0.2 days.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in EuroDry stock. Renaissance Technologies LLC boosted its stake in EuroDry (NASDAQ:EDRY) by 53.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,347 shares of the company’s stock after buying an additional 21,047 shares during the quarter. Renaissance Technologies LLC owned approximately 2.09% of EuroDry worth $1,189,000 at the end of the most recent quarter. Institutional investors own 2.44% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on EDRY. Weiss Ratings cut shares of EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Zacks Research downgraded shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Finally, Wall Street Zen raised shares of EuroDry from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. 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. According to data from MarketBeat.com, EuroDry has a consensus rating of “Hold” and a consensus target price of $23.50.

EuroDry Stock Down 2.2%

EuroDry stock traded down $0.49 during mid-day trading on Friday, hitting $22.45. The company’s stock had a trading volume of 29,583 shares, compared to its average volume of 31,798. EuroDry has a 52-week low of $9.15 and a 52-week high of $28.00. The company has a market cap of $64.89 million, a PE ratio of -172.73 and a beta of 0.71. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.61 and a quick ratio of 1.55. The firm’s 50 day moving average is $22.09 and its 200 day moving average is $18.27.

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