Ardmore Shipping (NYSE:ASC) Upgraded to “Buy” by Zacks Investment Research

Ardmore Shipping (NYSE:ASC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The firm currently has a $4.75 target price on the shipping company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 7.95% from the stock’s previous close.

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. “

Separately, HC Wainwright raised shares of Ardmore Shipping from a “neutral” rating to a “buy” rating and set a $5.50 price objective on the stock in a research report on Thursday, April 29th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $5.44.

ASC stock traded up $0.18 during trading hours on Thursday, reaching $4.40. The stock had a trading volume of 890,033 shares, compared to its average volume of 347,251. The company has a market capitalization of $146.02 million, a PE ratio of -6.89 and a beta of 1.07. The company has a quick ratio of 1.34, a current ratio of 1.49 and a debt-to-equity ratio of 1.14. The company’s 50-day moving average is $4.29. Ardmore Shipping has a fifty-two week low of $2.98 and a fifty-two week high of $5.43.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Tuesday, May 4th. The shipping company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.02. The firm had revenue of $25.16 million during the quarter, compared to analysts’ expectations of $24.92 million. Ardmore Shipping had a negative net margin of 10.51% and a negative return on equity of 4.43%. As a group, sell-side analysts predict that Ardmore Shipping will post -0.61 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new stake in Ardmore Shipping during the 1st quarter worth approximately $49,000. Alpine Global Management LLC bought a new position in Ardmore Shipping during the 1st quarter worth approximately $57,000. BNP Paribas Arbitrage SA raised its holdings in Ardmore Shipping by 29.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 13,270 shares of the shipping company’s stock worth $60,000 after purchasing an additional 3,045 shares during the last quarter. Gunderson Capital Management Inc. bought a new position in Ardmore Shipping during the 1st quarter worth approximately $79,000. Finally, Renaissance Technologies LLC raised its holdings in Ardmore Shipping by 74.8% during the 1st quarter. Renaissance Technologies LLC now owns 19,580 shares of the shipping company’s stock worth $89,000 after purchasing an additional 8,380 shares during the last quarter. Institutional investors and hedge funds own 72.82% of the company’s stock.

About Ardmore Shipping

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. As of February 15, 2021, 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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