Ardmore Shipping Co. (NYSE:ASC – Get Rating)’s share price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $7.72 and traded as high as $9.68. Ardmore Shipping shares last traded at $9.60, with a volume of 505,751 shares trading hands.
Analyst Upgrades and Downgrades
ASC has been the subject of a number of research reports. StockNews.com raised shares of Ardmore Shipping from a “hold” rating to a “buy” rating in a research report on Friday, July 29th. Jefferies Financial Group initiated coverage on shares of Ardmore Shipping in a research report on Wednesday, July 20th. They set a “buy” rating and a $10.00 target price for the company. TheStreet upgraded shares of Ardmore Shipping from a “d+” rating to a “c-” rating in a research note on Wednesday, April 27th. Clarkson Capital restated a “buy” rating on shares of Ardmore Shipping in a research note on Tuesday, June 14th. Finally, HC Wainwright upped their price target on shares of Ardmore Shipping from $5.50 to $8.50 and gave the company a “buy” rating in a research note on Friday, April 22nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $7.53.
Ardmore Shipping Stock Down 0.7 %
The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.25 and a current ratio of 2.54. The company has a market capitalization of $331.91 million, a PE ratio of -239.94 and a beta of 0.36. The stock’s 50 day moving average is $7.72 and its 200 day moving average is $6.05.
Ardmore Shipping (NYSE:ASC – Get Rating) last posted its earnings results on Wednesday, July 27th. The shipping company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.19. Ardmore Shipping had a net margin of 0.92% and a return on equity of 2.52%. During the same period in the previous year, the firm posted ($0.23) EPS. On average, sell-side analysts anticipate that Ardmore Shipping Co. will post 2.41 EPS for the current fiscal year.
Institutional Trading of Ardmore Shipping
Several institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC lifted its stake in Ardmore Shipping by 998.2% in the 2nd quarter. Renaissance Technologies LLC now owns 302,000 shares of the shipping company’s stock worth $2,105,000 after purchasing an additional 274,500 shares in the last quarter. American International Group Inc. purchased a new stake in shares of Ardmore Shipping during the 2nd quarter valued at $114,000. Northern Trust Corp raised its position in shares of Ardmore Shipping by 389.5% during the 2nd quarter. Northern Trust Corp now owns 291,913 shares of the shipping company’s stock valued at $2,035,000 after buying an additional 232,282 shares in the last quarter. Navellier & Associates Inc. purchased a new stake in shares of Ardmore Shipping during the 2nd quarter valued at $922,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of Ardmore Shipping by 8,793.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,208 shares of the shipping company’s stock valued at $106,000 after buying an additional 15,037 shares in the last quarter. 66.52% of the stock is currently owned by hedge funds and other institutional investors.
Ardmore Shipping Company Profile
Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. As of February 15, 2022, the company operated a fleet of 25 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.
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