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

EuroDry (NASDAQ:EDRY) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 135,118 shares, a decline of 43.2% from the September 15th total of 237,860 shares. Based on an average daily volume of 196,614 shares, the days-to-cover ratio is currently 0.7 days. Currently, 9.7% of the company’s stock are short sold.

Analyst Ratings Changes

EDRY has been the subject of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a report on Friday, August 21st. Zacks Research downgraded shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of EuroDry in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $23.50.

Insider Buying and Selling at EuroDry

In other news, Director Aristeidis Pittas sold 2,950 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $50.76, for a total transaction of $149,742.00. Following the transaction, the director directly owned 33,020 shares of the company’s stock, valued at $1,676,095.20. This represents a 8.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Symeon Pariaros sold 2,700 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $42.00, for a total value of $113,400.00. Following the sale, the insider directly owned 4,576 shares in the company, valued at $192,192. This trade represents a 37.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders bought 2,200 shares of company stock valued at $110,925 and sold 12,726 shares valued at $568,005. 51.40% of the stock is owned by insiders.

Hedge Funds Weigh In On EuroDry

A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC lifted its stake in shares of EuroDry by 53.6% during the 1st quarter. Renaissance Technologies LLC now owns 60,347 shares of the company’s stock valued at $1,189,000 after buying an additional 21,047 shares in the last quarter. BlackRock Inc. bought a new stake in EuroDry during the second quarter valued at about $47,000. Finally, MassMutual Private Wealth & Trust FSB bought a new stake in EuroDry during the third quarter valued at about $32,000. 2.44% of the stock is currently owned by institutional investors.

EuroDry Stock Performance

Shares of NASDAQ:EDRY traded down $2.10 during midday trading on Friday, hitting $45.34. The company had a trading volume of 74,640 shares, compared to its average volume of 69,115. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.28 and a quick ratio of 1.23. The company has a market cap of $130.14 million, a price-to-earnings ratio of 13.70 and a beta of 0.77. EuroDry has a 12-month low of $11.94 and a 12-month high of $73.07. The company has a fifty day moving average of $52.77 and a two-hundred day moving average of $33.01.

EuroDry (NASDAQ:EDRY) last released its earnings results on Thursday, August 6th. The company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $1.23 by $1.21. EuroDry had a return on equity of 8.77% and a net margin of 15.02%. The company had revenue of $17.70 million for the quarter, compared to the consensus estimate of $17.86 million. On average, equities research analysts expect that EuroDry will post 5.77 EPS for the current fiscal year.

About EuroDry

EuroDry Ltd. is a dry bulk shipping company that owns and operates vessels used to transport major and minor bulk commodities worldwide. Its fleet serves international trade routes and carries cargoes such as iron ore, grains, coal, steel products, and other dry bulk materials.

The company operates vessels in several dry bulk segments, including Handysize, Supramax, Ultramax, and Panamax ships. EuroDry manages the commercial and technical operations of its vessels through a combination of voyage charters, time charters, and other employment arrangements, depending on market conditions and customer requirements.

EuroDry was established in 1997 and is headquartered in Maroussi, Greece.