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

EuroDry (NASDAQ:EDRY) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 136,921 shares, a growth of 312.2% from the August 15th total of 33,216 shares. Approximately 9.8% of the shares of the company are sold short. Based on an average daily volume of 157,344 shares, the short-interest ratio is presently 0.9 days.

Insider Transactions at EuroDry

In related news, Director Aristeidis Pittas sold 500 shares of EuroDry stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $52.12, for a total transaction of $26,060.00. Following the sale, the director directly owned 75,663 shares in the company, valued at $3,943,555.56. The trade was a 0.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Symeon Pariaros sold 2,676 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $45.80, for a total transaction of $122,560.80. Following the completion of the sale, the insider directly owned 1,900 shares of the company’s stock, valued at $87,020. The trade was a 58.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 12,726 shares of company stock worth $568,005. Company insiders own 51.40% of the company’s stock.

Institutional Investors Weigh In On EuroDry

An institutional investor recently raised its stake in EuroDry stock. Renaissance Technologies LLC lifted its holdings in EuroDry (NASDAQ:EDRY) by 53.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,347 shares of the company’s stock after purchasing an additional 21,047 shares during the period. Renaissance Technologies LLC owned about 2.09% of EuroDry worth $1,189,000 at the end of the most recent reporting period. 2.44% of the stock is owned by institutional investors and hedge funds.

EuroDry Stock Up 5.1%

EDRY opened at $67.12 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.23 and a current ratio of 1.28. The company has a market capitalization of $192.63 million, a PE ratio of 20.28 and a beta of 0.74. The stock’s fifty day moving average is $36.83 and its 200-day moving average is $26.68. EuroDry has a one year low of $11.21 and a one year high of $71.84.

EuroDry (NASDAQ:EDRY) last announced 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. The business had revenue of $17.70 million during the quarter, compared to analysts’ expectations of $17.86 million. EuroDry had a return on equity of 8.77% and a net margin of 15.02%. On average, equities analysts predict that EuroDry will post 5.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on EDRY shares. Zacks Research raised shares of EuroDry from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 10th. Alliance Global Partners reiterated a “buy” rating on shares of EuroDry in a research note on Friday, August 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.50.

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.