Short Interest in EuroDry Ltd (NASDAQ:EDRY) Rises By 520.0%

EuroDry Ltd (NASDAQ:EDRY) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 3,100 shares, an increase of 520.0% from the August 15th total of 500 shares. Based on an average trading volume of 1,800 shares, the short-interest ratio is presently 1.7 days. Approximately 0.5% of the company’s shares are sold short.

Several brokerages have recently commented on EDRY. ValuEngine upgraded EuroDry from a “sell” rating to a “hold” rating in a research note on Tuesday, July 2nd. Zacks Investment Research upgraded EuroDry from a “hold” rating to a “buy” rating and set a $8.25 target price for the company in a research note on Tuesday, August 20th. Noble Financial reaffirmed a “buy” rating and issued a $13.50 price target on shares of EuroDry in a research report on Thursday, September 26th. Finally, Maxim Group set a $9.00 price target on shares of EuroDry and gave the company a “buy” rating in a research report on Friday, August 9th.

Shares of EuroDry stock traded down $0.30 during mid-day trading on Friday, hitting $8.20. 1,866 shares of the stock were exchanged, compared to its average volume of 1,678. The company has a 50-day simple moving average of $7.73 and a 200 day simple moving average of $7.73. The company has a market capitalization of $19.05 million, a P/E ratio of 34.17 and a beta of -0.91. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.83 and a current ratio of 0.88. EuroDry has a 12 month low of $6.51 and a 12 month high of $13.40.

EuroDry (NASDAQ:EDRY) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.20). EuroDry had a net margin of 4.08% and a return on equity of 3.16%. The firm had revenue of $6.19 million for the quarter, compared to analysts’ expectations of $6.49 million. Analysts predict that EuroDry will post -1.53 EPS for the current year.

EuroDry Company Profile

EuroDry Ltd., through its subsidiaries, provides ocean-going transportation services worldwide. The company owns and operates drybulk carriers that transport major bulks, such as iron ore, coal, and grains; and minor bulks comprising bauxite, phosphate, and fertilizers. As of November 15, 2018, it operated a fleet of six vessels, including one Ultramax, two Kamsarmax, and three Panamax drybulk carriers with a cargo capacity of 453,086 deadweight tons.

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