Short Interest in Toro Corp. (NASDAQ:TORO) Drops By 47.8%

Key Points

• Short interest in Toro fell 47.8% to 131,650 shares as of July 15, representing about 0.6% of shares outstanding and 3.3 days of average trading volume.
• Institutional ownership remains limited at 1.74%, although Renaissance Technologies and Founders Capital Management increased their stakes. Analysts maintain a consensus “Hold” rating.
• Toro shares were trading near $5.09, with a market capitalization of approximately $109 million and a 52-week range of $2.64 to $8.50; the company most recently reported a quarterly loss of $0.02 per share on $5.96 million in revenue.

Toro Corp. (NASDAQ:TORO - Get Free Report) was the recipient of a large decline in short interest in July. As of July 15th, there was short interest totaling 131,650 shares, a decline of 47.8% from the June 30th total of 252,362 shares. Based on an average daily volume of 39,564 shares, the short-interest ratio is presently 3.3 days. Approximately 0.6% of the company's shares are sold short.

Hedge Funds Weigh In On Toro

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in shares of Toro by 19.2% in the fourth quarter. Renaissance Technologies LLC now owns 186,700 shares of the company's stock valued at $986,000 after acquiring an additional 30,100 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Toro in the 3rd quarter valued at about $79,000. Group One Trading LLC acquired a new stake in Toro during the 3rd quarter worth $70,000. Finally, Founders Capital Management grew its stake in shares of Toro by 28.6% during the fourth quarter. Founders Capital Management now owns 9,000 shares of the company's stock worth $48,000 after purchasing an additional 2,000 shares during the period. 1.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen upgraded Toro to a "hold" rating in a research report on Saturday, June 20th. Weiss Ratings raised shares of Toro from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold".

Toro Stock Up 0.1%

Toro stock traded up $0.00 during trading hours on Wednesday, hitting $5.09. The stock had a trading volume of 20,146 shares, compared to its average volume of 242,208. The company has a 50-day moving average of $5.05 and a two-hundred day moving average of $4.62. The company has a market cap of $109.35 million, a PE ratio of 127.36 and a beta of 2.55. Toro has a fifty-two week low of $2.64 and a fifty-two week high of $8.50.

Toro (NASDAQ:TORO - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The company reported ($0.02) earnings per share for the quarter. The business had revenue of $5.96 million for the quarter. Toro had a return on equity of 2.49% and a net margin of 22.67%.

Toro Company Profile

Toro Corp., a shipping company, acquires, owns, charters, and operates oceangoing tanker vessels and provides seaborne transportation services for crude oil LPG, and refined petroleum products worldwide. The company operates in three segments: Aframax/LR2 Tanker, Handysize Tanker, and LPG Carrier. As of December 31, 2023, it operated a fleet of one Handysize tanker vessel; one Aframax/LR2 vessel; and four LPG carrier vessels with an aggregate cargo carrying capacity of 0.1 million deadweight ton.

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