EuroDry (NASDAQ:EDRY) Short Interest Up 113.6% in February

EuroDry (NASDAQ:EDRY) was the target of a significant increase in short interest in February. As of February 13th, there was short interest totaling 2,196 shares, an increase of 113.6% from the January 29th total of 1,028 shares. Based on an average daily trading volume, of 3,321 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily trading volume, of 3,321 shares, the days-to-cover ratio is currently 0.7 days.

EuroDry Stock Performance

Shares of EDRY opened at $21.98 on Friday. EuroDry has a 1 year low of $7.60 and a 1 year high of $21.99. The company’s 50 day simple moving average is $14.40 and its 200 day simple moving average is $13.06. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.53 and a quick ratio of 1.21.

EuroDry (NASDAQ:EDRY) last released its earnings results on Thursday, February 19th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.09. The firm had revenue of $17.39 million for the quarter, compared to the consensus estimate of $17.77 million. EuroDry had a negative return on equity of 6.83% and a negative net margin of 8.16%. As a group, research analysts forecast that EuroDry will post -2.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

EDRY has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of EuroDry in a report on Thursday, January 22nd. Zacks Research upgraded EuroDry from a “hold” rating to a “strong-buy” rating in a report on Friday, February 13th. Finally, Noble Financial raised EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 price target for the company in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, EuroDry has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

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.