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

EuroDry (NASDAQ:EDRY) was the target of a large decrease in short interest in 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 days-to-cover ratio is presently 0.1 days. Currently, 0.1% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Noble Financial raised EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 price target on the stock in a research report on Thursday, February 12th. Zacks Research downgraded EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Wall Street Zen raised EuroDry from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Finally, Weiss Ratings downgraded EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.50.

Institutional Investors Weigh In On EuroDry

An institutional investor recently raised its position in EuroDry stock. Renaissance Technologies LLC boosted its stake in shares of EuroDry (NASDAQ:EDRY) by 53.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent filing with the Securities and Exchange Commission (SEC). 2.44% of the stock is owned by hedge funds and other institutional investors.

EuroDry Price Performance

EDRY opened at $22.08 on Thursday. EuroDry has a 12-month low of $8.66 and a 12-month high of $24.48. The company has a current ratio of 1.61, a quick ratio of 1.55 and a debt-to-equity ratio of 0.86. The business’s fifty day simple moving average is $21.29 and its 200-day simple moving average is $17.46. The company has a market capitalization of $63.83 million, a price-to-earnings ratio of -169.85 and a beta of 0.71.

EuroDry (NASDAQ:EDRY) last posted 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 return on equity of 0.88% and a negative net margin of 0.55%.The firm had revenue of $12.79 million for the quarter, compared to the consensus estimate of $15.62 million. On average, equities research analysts anticipate that EuroDry will post 3.87 earnings per share for the current fiscal 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.