Ardmore Shipping (NYSE:ASC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

Other research analysts have also recently issued reports about the stock. ValuEngine cut shares of Ardmore Shipping from a “hold” rating to a “sell” rating in a research note on Thursday. Fearnley Fonds cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Stifel Nicolaus upgraded shares of Ardmore Shipping from a “hold” rating to a “buy” rating and set a $9.50 target price on the stock in a research note on Wednesday, January 22nd. Finally, TheStreet upgraded shares of Ardmore Shipping from a “d+” rating to a “c-” rating in a research note on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $8.50.

Ardmore Shipping stock traded up $0.62 during midday trading on Friday, hitting $6.73. 1,365,845 shares of the stock were exchanged, compared to its average volume of 369,756. The company has a quick ratio of 1.34, a current ratio of 1.50 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $175.75 million, a price-to-earnings ratio of -5.34 and a beta of 1.35. Ardmore Shipping has a 52-week low of $5.04 and a 52-week high of $9.79. The business’s 50-day moving average price is $7.32 and its 200-day moving average price is $7.48.

Ardmore Shipping (NYSE:ASC) last released its earnings results on Tuesday, February 11th. The shipping company reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.03). The company had revenue of $38.08 million during the quarter, compared to analysts’ expectations of $38.91 million. Ardmore Shipping had a negative net margin of 18.34% and a negative return on equity of 6.11%. On average, sell-side analysts predict that Ardmore Shipping will post -0.26 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stifel Financial Corp bought a new stake in shares of Ardmore Shipping in the third quarter valued at approximately $74,000. PEAK6 Investments LLC bought a new stake in Ardmore Shipping during the 4th quarter worth approximately $98,000. Citigroup Inc. increased its holdings in Ardmore Shipping by 32.5% during the 4th quarter. Citigroup Inc. now owns 12,590 shares of the shipping company’s stock worth $114,000 after acquiring an additional 3,086 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Ardmore Shipping during the 4th quarter worth approximately $118,000. Finally, Jefferies Group LLC increased its holdings in Ardmore Shipping by 29.3% during the 4th quarter. Jefferies Group LLC now owns 13,376 shares of the shipping company’s stock worth $121,000 after acquiring an additional 3,035 shares during the period. Hedge funds and other institutional investors own 85.48% of the company’s stock.

Ardmore Shipping Company Profile

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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