Toro Corp. (NASDAQ:TORO) Sees Large Growth in Short Interest

Toro Corp. (NASDAQ:TORO) was the recipient of a large growth in short interest in April. As of April 30th, there was short interest totaling 254,696 shares, a growth of 969.8% from the April 15th total of 23,808 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average trading volume of 2,312,220 shares, the short-interest ratio is presently 0.1 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Toro in a research note on Friday, March 27th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Toro presently has an average rating of “Sell”.

Insider Buying and Selling

In other news, CEO Petros Panagiotis Panagiotidis bought 67,407 shares of the business’s stock in a transaction on Friday, April 24th. The shares were purchased at an average price of $6.79 per share, for a total transaction of $457,693.53. Following the purchase, the chief executive officer owned 20,822,206 shares of the company’s stock, valued at approximately $141,382,778.74. The trade was a 0.32% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders purchased 2,315,971 shares of company stock valued at $14,245,930.

Institutional Investors Weigh In On Toro

A number of institutional investors and hedge funds have recently made changes to their positions in TORO. Renaissance Technologies LLC raised its stake in shares of Toro by 19.2% during the 4th quarter. Renaissance Technologies LLC now owns 186,700 shares of the company’s stock worth $986,000 after purchasing an additional 30,100 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of Toro during the 3rd quarter worth approximately $79,000. Group One Trading LLC bought a new stake in shares of Toro during the 3rd quarter worth approximately $70,000. Finally, Founders Capital Management raised its stake in shares of Toro by 28.6% during the 4th quarter. Founders Capital Management now owns 9,000 shares of the company’s stock worth $48,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 1.74% of the company’s stock.

Toro Stock Down 3.2%

Shares of Toro stock opened at $5.20 on Tuesday. Toro has a 12-month low of $1.77 and a 12-month high of $8.50. The stock has a market cap of $111.64 million, a P/E ratio of 65.01 and a beta of 2.79. The business’s 50 day moving average is $4.43 and its 200-day moving average is $4.38.

Toro Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Friday, June 5th. Stockholders of record on Monday, May 4th will be paid a dividend of $0.90 per share. The ex-dividend date is Monday, May 4th.

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.