EuroDry (NASDAQ:EDRY) Short Interest Update

EuroDry (NASDAQ:EDRY) saw a large increase in short interest during the month of September. As of September 15th, there was short interest totaling 237,860 shares, an increase of 73.7% from the August 31st total of 136,921 shares. Based on an average trading volume of 176,979 shares, the short-interest ratio is currently 1.3 days. Approximately 17.1% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EDRY. Zacks Research upgraded shares of EuroDry from a “hold” rating to a “strong-buy” rating in a report on Friday, July 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of EuroDry in a report on Friday, August 21st. Finally, Alliance Global Partners reiterated a “buy” rating on shares of EuroDry in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, EuroDry has an average rating of “Moderate Buy” and a consensus price target of $23.50.

Insider Transactions at EuroDry

In related news, Director Aristeidis Pittas bought 900 shares of the company’s stock in a transaction that occurred on Thursday, September 24th. The stock was bought at an average cost of $51.33 per share, for a total transaction of $46,197.00. Following the acquisition, the director directly owned 76,113 shares of the company’s stock, valued at $3,906,880.29. The trade was a 1.20% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Symeon Pariaros sold 2,676 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $45.80, for a total value of $122,560.80. Following the transaction, the insider owned 1,900 shares in the company, valued at approximately $87,020. The trade was a 58.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 12,726 shares of company stock valued at $568,005. 51.40% of the stock is currently owned by corporate insiders.

Institutional Trading of EuroDry

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

EuroDry Stock Performance

Shares of EDRY opened at $55.73 on Friday. The company has a 50-day simple moving average of $46.97 and a two-hundred day simple moving average of $30.51. 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 firm has a market capitalization of $159.95 million, a PE ratio of 16.84 and a beta of 0.77. EuroDry has a one year low of $11.94 and a one year high of $73.07.

EuroDry (NASDAQ:EDRY) last announced its earnings results on Thursday, August 6th. The company reported $2.44 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $17.70 million during the quarter, compared to analyst estimates of $17.86 million. On average, analysts anticipate that EuroDry will post 5.77 EPS for the current fiscal year.

About EuroDry

EuroDry Ltd. (NASDAQ: EDRY) is an international dry bulk shipping company that owns and operates ocean-going vessels. The company provides seaborne transportation for a broad range of bulk commodities, including grain, iron ore, coal, steel products, fertilizers and forest products.

EuroDry’s vessels serve commercial customers and trading routes in global markets, transporting dry bulk cargoes between major ports and commodity-producing and consuming regions. Its fleet has included vessels in the Panamax, Kamsarmax, Ultramax and Handy-size segments, allowing the company to serve a variety of cargo volumes and trade routes.

EuroDry was established in 1997 and is incorporated in the Republic of the Marshall Islands.