TheStreet Downgrades Ardmore Shipping Corporation (ASC) to D
Ardmore Shipping Corporation (NYSE:ASC) was downgraded by equities researchers at TheStreet from a “c-” rating to a “d” rating in a report issued on Wednesday, May 24th.
Other analysts also recently issued reports about the company. Zacks Investment Research downgraded Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, March 21st. Jefferies Group LLC reissued a “buy” rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a report on Monday, April 24th. Finally, ABN Amro upgraded Ardmore Shipping Corporation from a “hold” rating to a “buy” rating and set a $11.50 target price for the company in a research note on Monday, March 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $9.83.
Ardmore Shipping Corporation (ASC) traded down 2.55% during midday trading on Wednesday, reaching $7.65. 81,570 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $7.60 and its 200 day moving average is $7.44. Ardmore Shipping Corporation has a 52 week low of $5.00 and a 52 week high of $8.55. The firm’s market capitalization is $256.85 million.
Ardmore Shipping Corporation (NYSE:ASC) last announced its earnings results on Wednesday, May 3rd. The shipping company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. Ardmore Shipping Corporation had a negative return on equity of 0.60% and a negative net margin of 3.03%. The company had revenue of $49.67 million for the quarter, compared to the consensus estimate of $30.75 million. During the same period last year, the business posted $0.26 EPS. The company’s revenue was up 14.2% on a year-over-year basis. On average, equities analysts anticipate that Ardmore Shipping Corporation will post ($0.05) earnings per share for the current year.
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A number of hedge funds have recently made changes to their positions in the stock. UBS Oconnor LLC boosted its stake in shares of Ardmore Shipping Corporation by 386.5% in the first quarter. UBS Oconnor LLC now owns 124,579 shares of the shipping company’s stock valued at $1,003,000 after buying an additional 98,972 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in shares of Ardmore Shipping Corporation during the first quarter worth $146,000. Dimensional Fund Advisors LP acquired a new stake in Ardmore Shipping Corporation during the first quarter valued at approximately $2,064,000. Geode Capital Management LLC boosted its stake in Ardmore Shipping Corporation by 1.2% in the first quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock valued at $1,788,000 after buying an additional 2,530 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Ardmore Shipping Corporation by 5.1% in the first quarter. Vanguard Group Inc. now owns 75,848 shares of the shipping company’s stock valued at $610,000 after buying an additional 3,669 shares in the last quarter. Hedge funds and other institutional investors own 76.29% of the company’s stock.
About Ardmore Shipping Corporation
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.
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