EuroDry (NASDAQ:EDRY) Short Interest Update

EuroDry (NASDAQ:EDRY) saw a significant increase in short interest in 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. Based on an average daily volume of 30,201 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.4% of the company’s shares are short sold.

Institutional Investors Weigh In On EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC boosted its position in EuroDry (NASDAQ:EDRY) by 53.6% in the first quarter, according to its most recent Form 13F filing with the 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 approximately 2.09% of EuroDry worth $1,189,000 at the end of the most recent reporting period. 2.44% of the stock is owned by hedge funds and other institutional investors.

EuroDry Stock Performance

Shares of EDRY stock opened at $22.14 on Tuesday. The firm has a market cap of $63.98 million, a price-to-earnings ratio of -170.31 and a beta of 0.71. The company’s 50 day moving average is $22.13 and its 200 day moving average is $18.36. The company has a quick ratio of 1.55, a current ratio of 1.61 and a debt-to-equity ratio of 0.86. EuroDry has a 52-week low of $9.15 and a 52-week high of $28.00.

EuroDry (NASDAQ:EDRY) last posted 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). The company had revenue of $12.79 million for the quarter, compared to analysts’ expectations of $15.62 million. EuroDry had a negative return on equity of 0.88% and a negative net margin of 0.55%. On average, sell-side analysts anticipate that EuroDry will post 3.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded EuroDry from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Weiss Ratings downgraded EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Finally, Zacks Research lowered shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average 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.