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

Key Points

• EuroDry's short interest fell 22.7% in April to 5,389 shares, equal to about 0.4% of the float and a very low short-interest ratio of 0.2 days.
• Analyst coverage is mixed—one Buy, one Hold and one Sell—producing an average rating of Hold and a consensus price target of $23.50.
• Shares traded around $19.41 with a market cap of about $56.1M; the company beat quarterly EPS estimates ($0.87 vs. $0.78) but still posts a negative net margin and return on equity.

EuroDry (NASDAQ:EDRY - Get Free Report) was the recipient of a large decline in short interest during the month of April. As of April 15th, there was short interest totaling 5,389 shares, a decline of 22.7% from the March 31st total of 6,976 shares. Based on an average daily trading volume, of 28,409 shares, the short-interest ratio is presently 0.2 days. Approximately 0.4% of the company's stock are sold short.

Analysts Set New Price Targets

EDRY has been the subject of several recent research reports. Zacks Research cut EuroDry from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 24th. Noble Financial upgraded EuroDry from a "market perform" rating to an "outperform" rating and set a $23.50 price objective on the stock in a research note on Thursday, February 12th. Wall Street Zen downgraded EuroDry from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of EuroDry in a research note on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $23.50.

EuroDry Stock Performance

Shares of NASDAQ EDRY traded up $0.16 during mid-day trading on Wednesday, reaching $19.41. 4,071 shares of the company were exchanged, compared to its average volume of 23,588. EuroDry has a twelve month low of $7.60 and a twelve month high of $23.98. The stock has a market capitalization of $56.11 million, a P/E ratio of -12.36 and a beta of 0.89. The company's 50-day simple moving average is $19.94 and its 200-day simple moving average is $15.55. The company has a quick ratio of 1.46, a current ratio of 1.53 and a debt-to-equity ratio of 0.89.

EuroDry (NASDAQ:EDRY - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.09. EuroDry had a negative net margin of 8.16% and a negative return on equity of 6.83%. The firm had revenue of $17.39 million for the quarter, compared to analysts' expectations of $17.77 million. As a group, research analysts predict that EuroDry will post 2.98 earnings per share for the current year.

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.

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