Toro Corp. (NASDAQ:TORO) Short Interest Update

Key Points

• Toro’s short interest fell 42.1% to 54,017 shares as of August 31, representing about 0.3% of shares outstanding and a 2.1-day days-to-cover ratio.
• TORO shares traded at $6.20, with a market capitalization of approximately $133.1 million. The stock remains well above its 52-week low of $2.95 but below its high of $8.50.
• Institutional ownership stands at 1.74% after several major firms initiated positions, while analyst sentiment remains neutral with an average “Hold” rating.

Toro Corp. (NASDAQ:TORO - Get Free Report) saw a significant decrease in short interest during the month of August. As of August 31st, there was short interest totaling 54,017 shares, a decrease of 42.1% from the August 15th total of 93,246 shares. Based on an average daily volume of 25,579 shares, the days-to-cover ratio is currently 2.1 days. Approximately 0.3% of the shares of the company are short sold.

Toro Stock Performance

NASDAQ TORO traded down $0.22 during mid-day trading on Wednesday, reaching $6.20. 34,338 shares of the stock were exchanged, compared to its average volume of 201,319. The business's 50 day moving average is $5.65 and its 200-day moving average is $5.05. Toro has a 1 year low of $2.95 and a 1 year high of $8.50. The company has a market capitalization of $133.11 million, a P/E ratio of 155.04 and a beta of 2.55.

Institutional Investors Weigh In On Toro

Hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Toro in the 2nd quarter worth about $874,436,000. Bank of New York Mellon Corp acquired a new stake in Toro in the second quarter valued at approximately $94,442,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Toro in the second quarter valued at approximately $37,971,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Toro in the second quarter valued at approximately $37,387,000. Finally, Bank of America Corp DE acquired a new position in shares of Toro during the 2nd quarter worth approximately $36,096,000. 1.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on TORO. Wall Street Zen upgraded Toro to a "hold" rating in a research note on Saturday, June 20th. Weiss Ratings downgraded Toro from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold".

About Toro

Toro Corp. is a maritime transportation company focused on the ownership and operation of oceangoing vessels. Its activities have centered primarily on the transportation of crude oil and refined petroleum products, as well as dry bulk commodities, serving customers through the international shipping markets.

The company has operated vessels under a combination of time-charter and voyage-charter arrangements. Its fleet has included tanker and dry bulk vessels, with operations spanning major international trade routes and ports.

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