EuroDry (NASDAQ:EDRY) Short Interest Down 66.0% in May
by Doug Wharley · The Cerbat GemEuroDry (NASDAQ:EDRY – Get Free Report) was the target of a large drop in short interest in May. As of May 29th, there was short interest totaling 1,800 shares, a drop of 66.0% from the May 14th total of 5,296 shares. Approximately 0.1% of the company’s stock are short sold. Based on an average daily volume of 25,037 shares, the short-interest ratio is currently 0.1 days.
Institutional Inflows and Outflows
A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC lifted its position in EuroDry (NASDAQ:EDRY – Free Report) by 53.6% during the 1st quarter, according to the company in its most recent disclosure 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 period. Renaissance Technologies LLC owned about 2.09% of EuroDry worth $1,189,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 2.44% of the company’s stock.
EuroDry Price Performance
Shares of EDRY traded up $0.52 during mid-day trading on Friday, hitting $22.46. The company’s stock had a trading volume of 17,787 shares, compared to its average volume of 20,819. The firm has a 50-day moving average price of $21.41 and a 200 day moving average price of $17.56. The stock has a market capitalization of $64.91 million, a price-to-earnings ratio of -172.77 and a beta of 0.71. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.61 and a quick ratio of 1.55. EuroDry has a fifty-two week low of $8.66 and a fifty-two week high of $24.48.
EuroDry (NASDAQ:EDRY – Get Free Report) last announced its quarterly earnings data on Wednesday, May 20th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.30). The business had revenue of $12.79 million during 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, research analysts predict that EuroDry will post 3.87 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on EDRY shares. Zacks Research downgraded shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Noble Financial upgraded EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 price target on the stock in a research report on Thursday, February 12th. Weiss Ratings cut EuroDry from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen raised shares of EuroDry from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 3rd. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $23.50.
Check Out Our Latest Stock Analysis on EDRY
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.