Short Interest in EuroDry (NASDAQ:EDRY) Rises By 339.8%

EuroDry (NASDAQ:EDRY) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 6,976 shares, an increase of 339.8% from the March 15th total of 1,586 shares. Based on an average daily trading volume, of 45,181 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.5% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a research report on Thursday, January 22nd. Noble Financial raised EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 target price for the company in a research report on Thursday, February 12th. Zacks Research raised EuroDry from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 13th. Finally, Wall Street Zen raised EuroDry to a “strong-buy” rating in a research report on Saturday, April 4th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.50.

EuroDry Stock Performance

EuroDry stock opened at $18.70 on Monday. The business has a 50-day simple moving average of $18.30 and a two-hundred day simple moving average of $14.86. The company has a market cap of $54.04 million, a P/E ratio of -11.91 and a beta of 0.89. 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 has a 52-week low of $7.60 and a 52-week high of $23.98.

EuroDry (NASDAQ:EDRY) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.09. The company had revenue of $17.39 million during the quarter, compared to the consensus estimate of $17.77 million. EuroDry had a negative return on equity of 6.83% and a negative net margin of 8.16%. Analysts predict that EuroDry will post -2.84 EPS for the current year.

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.