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

Key Points

• EuroDry’s short interest surged 312.2% to 136,921 shares as of August 31, representing approximately 9.8% of shares outstanding.
• The stock rose 5.1% to $67.12 and remains near its 52-week high of $71.84. EuroDry reported quarterly EPS of $2.44, beating analysts’ $1.23 estimate, while revenue of $17.70 million was slightly below expectations.
• Insiders sold 12,726 shares worth approximately $568,005 during the quarter. Analyst sentiment is mixed but averages to a “Moderate Buy,” with a consensus price target of $23.50—well below the reported share price.

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

EuroDry Trading Up 5.1%

EuroDry stock opened at $67.12 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.28 and a debt-to-equity ratio of 0.69. The firm has a 50-day moving average price of $36.83 and a two-hundred day moving average price of $26.68. The firm has a market capitalization of $192.63 million, a price-to-earnings ratio of 20.28 and a beta of 0.74. EuroDry has a 52-week low of $11.21 and a 52-week high of $71.84.

EuroDry (NASDAQ:EDRY - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $2.44 EPS for the quarter, topping the consensus estimate of $1.23 by $1.21. The firm had revenue of $17.70 million during the quarter, compared to analysts' expectations of $17.86 million. EuroDry had a net margin of 15.02% and a return on equity of 8.77%. Sell-side analysts expect that EuroDry will post 5.77 earnings per share for the current year.

Insider Activity

In other EuroDry news, insider Symeon Pariaros sold 2,676 shares of EuroDry 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 completion of the transaction, the insider directly owned 1,900 shares in the company, valued at $87,020. The trade was a 58.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Aristeidis P. Pittas sold 500 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $52.12, for a total value of $26,060.00. Following the transaction, the director directly owned 75,663 shares of the company's stock, valued at $3,943,555.56. This trade represents a 0.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 12,726 shares of company stock worth $568,005. 51.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On EuroDry

An institutional investor recently bought a new stake in EuroDry stock. BlackRock Inc. bought a new stake in EuroDry (NASDAQ:EDRY - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,135 shares of the company's stock, valued at approximately $47,000. BlackRock Inc. owned 0.07% of EuroDry at the end of the most recent reporting period. 2.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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