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

EuroDry (NASDAQ:EDRY) was the target of a large growth in short interest during the month of February. As of February 13th, there was short interest totaling 2,196 shares, a growth 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 presently 0.7 days. Based on an average daily trading volume, of 3,321 shares, the days-to-cover ratio is presently 0.7 days.

Analyst Ratings Changes

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

EuroDry Stock Performance

EuroDry stock traded down $0.29 during midday trading on Friday, hitting $21.33. 15,350 shares of the company’s stock were exchanged, compared to its average volume of 11,041. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.21 and a current ratio of 1.53. The stock has a market cap of $60.58 million, a price-to-earnings ratio of -13.24 and a beta of 0.94. EuroDry has a 12-month low of $7.60 and a 12-month high of $21.99. The firm’s 50 day simple moving average is $14.22 and its 200 day simple moving average is $12.96.

EuroDry (NASDAQ:EDRY) last announced its earnings results on Thursday, February 19th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.09. EuroDry had a negative net margin of 8.16% and a negative return on equity of 6.83%. The business had revenue of $17.39 million during the quarter, compared to analysts’ expectations of $17.77 million. Equities research analysts predict that EuroDry will post -2.84 EPS for the current year.

About EuroDry

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.