Ardmore Shipping Corp (NYSE:ASC) Short Interest Update

Ardmore Shipping Corp (NYSE:ASC) saw a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 465,200 shares, a decline of 19.5% from the May 30th total of 578,100 shares. Currently, 1.4% of the company’s stock are short sold. Based on an average daily volume of 222,000 shares, the days-to-cover ratio is currently 2.1 days.

Several analysts have issued reports on ASC shares. Pareto Securities raised shares of Ardmore Shipping from a “hold” rating to a “buy” rating in a research note on Friday, June 28th. Morgan Stanley boosted their target price on shares of Zynga and gave the company an “overweight” rating in a research note on Thursday, May 2nd. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research raised shares of DLH from a “sell” rating to a “hold” rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Ardmore Shipping presently has a consensus rating of “Buy” and a consensus target price of $8.68.

NYSE:ASC traded up $0.08 during trading hours on Thursday, hitting $8.65. 154,200 shares of the stock traded hands, compared to its average volume of 180,647. The business’s 50 day simple moving average is $7.22. The company has a current ratio of 1.56, a quick ratio of 1.37 and a debt-to-equity ratio of 1.21. Ardmore Shipping has a fifty-two week low of $4.22 and a fifty-two week high of $8.77. The firm has a market capitalization of $287.29 million, a price-to-earnings ratio of -8.32 and a beta of 1.19.

Ardmore Shipping (NYSE:ASC) last announced its earnings results on Wednesday, May 1st. The shipping company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02. Ardmore Shipping had a negative net margin of 21.14% and a negative return on equity of 8.92%. The company had revenue of $62.30 million for the quarter, compared to the consensus estimate of $33.04 million. During the same period in the previous year, the business earned ($0.16) EPS. The company’s revenue was up 23.4% on a year-over-year basis. Equities analysts anticipate that Ardmore Shipping will post 0.06 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA increased its stake in shares of Ardmore Shipping by 591.6% in the first quarter. BNP Paribas Arbitrage SA now owns 6,978 shares of the shipping company’s stock worth $43,000 after acquiring an additional 5,969 shares during the last quarter. Macquarie Group Ltd. acquired a new position in shares of Ardmore Shipping in the fourth quarter worth $36,000. Covington Capital Management acquired a new position in shares of Ardmore Shipping in the fourth quarter worth $37,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of Ardmore Shipping in the second quarter worth $95,000. Finally, Citigroup Inc. increased its stake in shares of Ardmore Shipping by 39.9% in the fourth quarter. Citigroup Inc. now owns 14,933 shares of the shipping company’s stock worth $69,000 after acquiring an additional 4,259 shares during the last quarter. 90.28% 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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