Short Interest in EuroDry (NASDAQ:EDRY) Declines By 54.9%

EuroDry (NASDAQ:EDRY) was the target of a large drop in short interest in April. As of April 30th, there was short interest totaling 2,433 shares, a drop of 54.9% from the April 15th total of 5,389 shares. Based on an average trading volume of 21,999 shares, the short-interest ratio is currently 0.1 days. Approximately 0.1% of the company’s stock are short sold.

Institutional Inflows and Outflows

An institutional investor recently raised its position in EuroDry stock. Renaissance Technologies LLC grew its stake in EuroDry (NASDAQ:EDRY) by 53.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,347 shares of the company’s stock after purchasing an additional 21,047 shares during the period. 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 currently owned by institutional investors and hedge funds.

EuroDry Stock Performance

Shares of NASDAQ:EDRY traded down $0.87 during trading on Friday, reaching $21.16. The company had a trading volume of 4,022 shares, compared to its average volume of 23,996. The firm has a market capitalization of $61.15 million, a price-to-earnings ratio of -13.48 and a beta of 0.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.53 and a quick ratio of 1.46. The stock’s fifty day moving average price is $20.18 and its 200 day moving average price is $16.18. EuroDry has a fifty-two week low of $7.60 and a fifty-two week high of $23.98.

EuroDry (NASDAQ:EDRY) last released its earnings results on Thursday, February 19th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.09. The business had revenue of $17.39 million for the quarter, compared to analyst estimates 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, equities research analysts predict that EuroDry will post 2.98 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on EDRY shares. Wall Street Zen raised EuroDry from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. 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. Weiss Ratings raised EuroDry from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 6th. Finally, Zacks Research lowered EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, EuroDry presently has an average rating of “Hold” and a consensus target price 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.