EuroDry (NASDAQ:EDRY) Short Interest Up 225.6% in June

EuroDry (NASDAQ:EDRY) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 5,861 shares, a growth of 225.6% from the May 31st total of 1,800 shares. Based on an average trading volume of 30,201 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.4% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

EDRY has been the subject of several recent research reports. Wall Street Zen upgraded EuroDry from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. Zacks Research lowered EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Finally, Weiss Ratings downgraded EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a research note 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 stock. According to data from MarketBeat.com, EuroDry currently has an average rating of “Hold” and a consensus price target of $23.50.

EuroDry Stock Down 2.2%

EDRY stock traded down $0.49 during trading hours on Friday, hitting $22.45. The company’s stock had a trading volume of 29,583 shares, compared to its average volume of 31,798. The company has a quick ratio of 1.55, a current ratio of 1.61 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $64.89 million, a PE ratio of -172.73 and a beta of 0.71. EuroDry has a 12 month low of $9.15 and a 12 month high of $28.00. The stock has a 50 day moving average price of $22.09 and a two-hundred day moving average price of $18.27.

EuroDry (NASDAQ:EDRY) last announced its quarterly earnings results on Wednesday, May 20th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.30). The business had revenue of $12.79 million for the quarter, compared to analyst estimates of $15.62 million. EuroDry had a negative return on equity of 0.88% and a negative net margin of 0.55%. On average, equities research analysts expect that EuroDry will post 3.87 earnings per share for the current year.

Hedge Funds Weigh In On EuroDry

A hedge fund recently raised its position in EuroDry stock. Renaissance Technologies LLC raised its stake in shares of EuroDry (NASDAQ:EDRY) by 53.6% during the 1st 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 buying an additional 21,047 shares during the period. Renaissance Technologies LLC owned 2.09% of EuroDry worth $1,189,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 2.44% of the company’s stock.

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.