EuroDry Ltd. (NASDAQ:EDRY) Short Interest Update

EuroDry Ltd. (NASDAQ:EDRY) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 2,200 shares, an increase of 120.0% from the September 30th total of 1,000 shares. Based on an average daily trading volume, of 5,200 shares, the short-interest ratio is currently 0.4 days. Currently, 0.2% of the shares of the company are sold short.

EuroDry Stock Performance

EDRY traded down $0.08 during midday trading on Friday, hitting $18.92. 2,383 shares of the company were exchanged, compared to its average volume of 8,780. The company’s 50 day simple moving average is $20.17 and its 200 day simple moving average is $21.32. The firm has a market capitalization of $53.67 million, a price-to-earnings ratio of -16.60 and a beta of 0.78. EuroDry has a 1-year low of $14.46 and a 1-year high of $24.84. The company has a current ratio of 0.98, a quick ratio of 0.84 and a debt-to-equity ratio of 0.72.

EuroDry (NASDAQ:EDRY) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.75). EuroDry had a negative net margin of 4.11% and a negative return on equity of 2.08%. The company had revenue of $17.44 million for the quarter, compared to analysts’ expectations of $17.89 million. As a group, sell-side analysts predict that EuroDry will post -0.65 earnings per share for the current year.

Hedge Funds Weigh In On EuroDry

A hedge fund recently raised its stake in EuroDry stock. Renaissance Technologies LLC grew its holdings in EuroDry Ltd. (NASDAQ:EDRY) by 1.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 55,100 shares of the company’s stock after buying an additional 900 shares during the quarter. Renaissance Technologies LLC owned 1.94% of EuroDry worth $1,353,000 as of its most recent SEC filing. Institutional investors own 2.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Noble Financial raised shares of EuroDry to a “strong-buy” rating in a research report on Monday, July 29th.

About EuroDry

EuroDry Ltd., through its subsidiaries, provides ocean-going transportation services worldwide. It owns and operates a fleet of drybulk carriers that transport major bulks, such as iron ore, coal, and grains; and minor bulks, including bauxite, phosphate, and fertilizers. The company fleet consisted of 13 drybulk carriers comprising five Panamax drybulk carriers, two Kamsarmax, five Ultramax drybulk carriers, and one Supramax drybulk carrier with a total cargo carrying capacity of 918,502 dwt.