Ardmore Shipping (NYSE:ASC) Upgraded at StockNews.com

Posted by on Jun 6th, 2023

Ardmore Shipping (NYSE:ASC – Get Rating) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

ASC has been the topic of several other reports. Jefferies Financial Group lifted their price objective on shares of Ardmore Shipping from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, February 15th. Stifel Nicolaus raised their target price on shares of Ardmore Shipping from $21.00 to $24.00 in a research note on Tuesday, April 25th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $22.00.

Ardmore Shipping Trading Down 4.7 %

Shares of NYSE:ASC opened at $11.99 on Tuesday. The company has a market cap of $487.15 million, a PE ratio of 2.58 and a beta of 0.53. The company’s 50-day moving average price is $13.88 and its 200 day moving average price is $14.87. Ardmore Shipping has a fifty-two week low of $6.32 and a fifty-two week high of $19.41. The company has a quick ratio of 2.98, a current ratio of 3.31 and a debt-to-equity ratio of 0.26.

Hedge Funds Weigh In On Ardmore Shipping

Several hedge funds have recently made changes to their positions in ASC. BlackRock Inc. grew its stake in shares of Ardmore Shipping by 1.5% in the 1st quarter. BlackRock Inc. now owns 398,318 shares of the shipping company’s stock worth $1,792,000 after purchasing an additional 5,789 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Ardmore Shipping by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,739,447 shares of the shipping company’s stock worth $7,828,000 after buying an additional 26,216 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Ardmore Shipping by 48.6% in the first quarter. Renaissance Technologies LLC now owns 27,500 shares of the shipping company’s stock worth $124,000 after buying an additional 9,000 shares during the period. Eqis Capital Management Inc. acquired a new position in shares of Ardmore Shipping in the first quarter worth about $46,000. Finally, Virtu Financial LLC acquired a new position in shares of Ardmore Shipping in the first quarter worth about $68,000. Institutional investors and hedge funds own 64.35% of the company’s stock.

About Ardmore Shipping

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Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. As of March 15, 2023, the company operated a fleet of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and five chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.

Further Reading

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