Ardmore Shipping Corp (NYSE:ASC) Short Interest Down 8.9% in October

Ardmore Shipping Corp (NYSE:ASC) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 575,100 shares, a decline of 8.9% from the September 30th total of 631,200 shares. Based on an average daily trading volume, of 284,800 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.7% of the shares of the stock are short sold.

Shares of ASC stock opened at $8.19 on Monday. The company has a current ratio of 1.50, a quick ratio of 1.34 and a debt-to-equity ratio of 1.20. Ardmore Shipping has a fifty-two week low of $4.22 and a fifty-two week high of $9.79. The stock has a 50 day moving average price of $8.12 and a two-hundred day moving average price of $7.33.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings data on Tuesday, November 5th. The shipping company reported ($0.17) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.01. The firm had revenue of $52.10 million during the quarter, compared to the consensus estimate of $29.98 million. Ardmore Shipping had a negative return on equity of 6.11% and a negative net margin of 18.34%. The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.37) earnings per share. On average, analysts predict that Ardmore Shipping will post -0.2 earnings per share for the current year.

A number of analysts recently weighed in on the company. Fearnley Fonds downgraded Ardmore Shipping from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Peel Hunt upgraded Ardmore Shipping to an “add” rating in a research report on Friday, October 25th. Stifel Nicolaus downgraded Ardmore Shipping from a “buy” rating to a “hold” rating and boosted their target price for the stock from $9.00 to $9.50 in a research report on Thursday, October 17th. ValuEngine downgraded Ardmore Shipping from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a research report on Monday, October 28th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $8.33.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in Ardmore Shipping by 3.5% in the second quarter. BlackRock Inc. now owns 1,890,610 shares of the shipping company’s stock worth $15,408,000 after purchasing an additional 64,355 shares during the period. Northern Trust Corp boosted its holdings in Ardmore Shipping by 1.8% in the second quarter. Northern Trust Corp now owns 850,140 shares of the shipping company’s stock worth $6,929,000 after acquiring an additional 15,190 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Ardmore Shipping by 55.9% in the second quarter. Renaissance Technologies LLC now owns 467,698 shares of the shipping company’s stock worth $3,812,000 after acquiring an additional 167,700 shares in the last quarter. WealthTrust Axiom LLC boosted its holdings in Ardmore Shipping by 20.1% in the third quarter. WealthTrust Axiom LLC now owns 240,530 shares of the shipping company’s stock worth $1,609,000 after acquiring an additional 40,250 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Ardmore Shipping by 29.7% in the second quarter. Invesco Ltd. now owns 165,399 shares of the shipping company’s stock worth $1,348,000 after acquiring an additional 37,856 shares in the last quarter. 85.89% of the stock is currently owned by institutional investors.

About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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