EuroDry (NASDAQ:EDRY) Short Interest Down 54.9% in April

EuroDry (NASDAQ:EDRY) was the target of a significant decrease in short interest in the month of April. As of April 30th, there was short interest totaling 2,433 shares, a decrease of 54.9% from the April 15th total of 5,389 shares. Based on an average daily volume of 21,999 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.1% of the shares of the stock are sold short.

EuroDry Price Performance

NASDAQ EDRY traded down $0.87 during trading on Friday, hitting $21.16. 4,022 shares of the company’s stock were exchanged, compared to its average volume of 24,904. The company has a market cap of $61.15 million, a PE ratio of -13.48 and a beta of 0.65. The company has a current ratio of 1.53, a quick ratio of 1.46 and a debt-to-equity ratio of 0.89. EuroDry has a fifty-two week low of $7.60 and a fifty-two week high of $23.98. The stock’s 50 day moving average price is $20.18 and its two-hundred day moving average price is $16.21.

EuroDry (NASDAQ:EDRY) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.09. The company had revenue of $17.39 million for the quarter, compared to analyst estimates of $17.77 million. EuroDry had a negative net margin of 8.16% and a negative return on equity of 6.83%. Research analysts expect that EuroDry will post 2.98 EPS for the current year.

Wall Street Analysts Forecast Growth

EDRY has been the topic of several recent analyst reports. Weiss Ratings raised shares of EuroDry from a “sell (d-)” rating to a “sell (d+)” rating in a report on Wednesday, May 6th. Noble Financial raised shares of EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 price target for the company in a report on Thursday, February 12th. Zacks Research lowered shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Finally, Wall Street Zen raised shares of EuroDry from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $23.50.

Institutional Inflows and Outflows

An institutional investor recently raised its position in EuroDry stock. Renaissance Technologies LLC grew its position in EuroDry (NASDAQ:EDRY) by 53.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 60,347 shares of the company’s stock after acquiring an additional 21,047 shares during the period. Renaissance Technologies LLC owned 2.09% of EuroDry worth $1,189,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 2.44% of the company’s stock.

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.