Ardmore Shipping (NYSE:ASC) Rating Increased to Buy at Zacks Investment Research

Ardmore Shipping (NYSE:ASCGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The firm presently has a $6.25 target price on the shipping company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.41% from the company’s current price.

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. “

ASC has been the topic of a number of other reports. HC Wainwright raised their target price on shares of Ardmore Shipping from $5.50 to $8.50 and gave the stock a “buy” rating in a research report on Friday. StockNews.com initiated coverage on shares of Ardmore Shipping in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $6.28.

NYSE ASC traded down $0.06 during trading on Tuesday, hitting $5.61. The stock had a trading volume of 374,858 shares, compared to its average volume of 213,462. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.61 and a quick ratio of 1.42. The stock has a market cap of $186.18 million, a PE ratio of -5.01 and a beta of 0.64. Ardmore Shipping has a one year low of $3.07 and a one year high of $6.08. The firm’s 50 day moving average price is $4.63.

Ardmore Shipping (NYSE:ASCGet Rating) last announced its quarterly earnings data on Tuesday, February 15th. The shipping company reported ($0.25) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.25). The business had revenue of $27.87 million during the quarter, compared to the consensus estimate of $29.55 million. Ardmore Shipping had a negative net margin of 19.14% and a negative return on equity of 11.74%. During the same quarter last year, the firm earned ($0.39) earnings per share. On average, sell-side analysts expect that Ardmore Shipping will post -0.13 EPS for the current fiscal year.

Several large investors have recently modified their holdings of ASC. Renaissance Technologies LLC purchased a new position in shares of Ardmore Shipping during the fourth quarter worth approximately $63,000. Jump Financial LLC purchased a new position in Ardmore Shipping during the third quarter valued at approximately $76,000. Marshall Wace LLP purchased a new position in Ardmore Shipping during the fourth quarter valued at approximately $79,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in Ardmore Shipping during the fourth quarter valued at approximately $100,000. Finally, B. Riley Wealth Management Inc. purchased a new position in Ardmore Shipping during the third quarter valued at approximately $208,000. 60.11% of the stock is currently owned by institutional investors and hedge funds.

Ardmore Shipping Company Profile (Get Rating)

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. As of February 15, 2022, 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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