EuroDry Ltd. (NASDAQ:EDRY) Sees Large Growth in Short Interest

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

Analyst Ratings Changes

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

EuroDry Stock Performance

Shares of NASDAQ:EDRY traded down $0.08 during trading on Friday, hitting $18.92. 2,383 shares of the stock traded hands, compared to its average volume of 4,226. The company has a quick ratio of 0.84, a current ratio of 0.98 and a debt-to-equity ratio of 0.72. The company has a market cap of $53.74 million, a price-to-earnings ratio of -22.00 and a beta of 0.78. The company has a fifty day moving average price of $20.17 and a two-hundred day moving average price of $21.33. EuroDry has a 52-week low of $14.46 and a 52-week high of $24.84.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $17.89 million. As a group, equities analysts predict that EuroDry will post -0.65 EPS for the current year.

Institutional Investors Weigh In On EuroDry

An institutional investor recently raised its position in EuroDry stock. Linden Thomas Advisory Services LLC grew its holdings in shares of EuroDry Ltd. (NASDAQ:EDRY) by 9.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,570 shares of the company’s stock after purchasing an additional 1,944 shares during the quarter. Linden Thomas Advisory Services LLC owned approximately 0.76% of EuroDry worth $530,000 at the end of the most recent quarter. Institutional investors own 2.44% of the company’s stock.

EuroDry Company Profile

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.