EuroDry (NASDAQ:EDRY) Short Interest Update

Key Points

• EuroDry’s short interest surged 73.7% to 237,860 shares as of September 15, representing 17.1% of shares outstanding and 1.3 days to cover.
• The company reported quarterly EPS of $2.44, beating estimates of $1.23, while revenue of $17.70 million was slightly below expectations.
• Analyst sentiment remains mixed, ranging from “strong buy” to “sell”; the consensus rating is Moderate Buy, though the $23.50 price target is well below the stock’s reported $52.84 price.

EuroDry (NASDAQ:EDRY - Get Free Report) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totaling 237,860 shares, a growth of 73.7% from the August 31st total of 136,921 shares. Currently, 17.1% of the company's stock are sold short. Based on an average daily trading volume, of 176,979 shares, the days-to-cover ratio is currently 1.3 days.

EuroDry Trading Up 2.0%

NASDAQ EDRY opened at $52.84 on Wednesday. EuroDry has a 12 month low of $11.94 and a 12 month high of $73.07. The stock has a market cap of $151.49 million, a P/E ratio of 15.96 and a beta of 0.74. The stock's fifty day moving average price is $45.82 and its 200-day moving average price is $30.02. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.69.

EuroDry (NASDAQ:EDRY - Get Free Report) last issued its quarterly 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 firm had revenue of $17.70 million during the quarter, compared to the consensus estimate of $17.86 million. EuroDry had a return on equity of 8.77% and a net margin of 15.02%. As a group, equities analysts forecast that EuroDry will post 5.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other EuroDry news, Director Aristeidis Pittas bought 900 shares of the company's stock in a transaction dated Thursday, September 24th. The shares were purchased at an average price of $51.33 per share, for a total transaction of $46,197.00. Following the acquisition, the director owned 76,113 shares in the company, valued at approximately $3,906,880.29. This represents a 1.20% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 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 in the company, valued at $87,020. This represents a 58.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 12,726 shares of company stock worth $568,005.

Institutional Trading of EuroDry

An institutional investor recently bought a new stake in EuroDry stock. BlackRock Inc. bought a new position in EuroDry (NASDAQ:EDRY - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,135 shares of the company's stock, valued at approximately $47,000. BlackRock Inc. owned about 0.07% of EuroDry as of its most recent filing with the Securities & Exchange Commission. 2.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on EDRY shares. Weiss Ratings restated a "sell (d-)" rating on shares of EuroDry in a report on Friday, August 21st. Alliance Global Partners reiterated a "buy" rating on shares of EuroDry in a report on Friday, August 7th. Finally, Zacks Research raised EuroDry from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 10th. One equities 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.50.

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.

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