Brokerages Set Ardmore Shipping Co. (NYSE:ASC) PT at $6.70

Ardmore Shipping Co. (NYSE:ASCGet Rating) has been assigned an average rating of “Moderate Buy” from the seven analysts that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $6.70.

ASC has been the topic of several analyst reports. HC Wainwright lifted their price target on Ardmore Shipping from $5.50 to $8.50 and gave the stock a “buy” rating in a report on Friday, April 22nd. Clarkson Capital reiterated a “buy” rating on shares of Ardmore Shipping in a report on Tuesday, June 14th. Jefferies Financial Group initiated coverage on Ardmore Shipping in a report on Wednesday, April 27th. They set a “buy” rating and a $7.50 price target on the stock. TheStreet upgraded Ardmore Shipping from a “d+” rating to a “c-” rating in a report on Wednesday, April 27th. Finally, StockNews.com initiated coverage on Ardmore Shipping in a report on Thursday, March 31st. They set a “hold” rating on the stock.

Shares of ASC stock opened at $7.36 on Thursday. The stock’s fifty day moving average is $6.95 and its two-hundred day moving average is $4.99. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.66 and a current ratio of 1.86. The firm has a market capitalization of $254.46 million, a P/E ratio of -6.75 and a beta of 0.29. Ardmore Shipping has a fifty-two week low of $3.07 and a fifty-two week high of $8.24.

Ardmore Shipping (NYSE:ASCGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The shipping company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Ardmore Shipping had a negative return on equity of 9.46% and a negative net margin of 16.80%. The company had revenue of $36.29 million for the quarter, compared to analyst estimates of $33.61 million. During the same quarter last year, the firm posted ($0.26) EPS. On average, equities analysts forecast that Ardmore Shipping will post 0.81 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of ASC. Eqis Capital Management Inc. purchased a new stake in Ardmore Shipping in the 1st quarter valued at about $46,000. Virtu Financial LLC acquired a new position in Ardmore Shipping in the 1st quarter valued at about $68,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in Ardmore Shipping in the 4th quarter valued at about $100,000. Renaissance Technologies LLC grew its position in Ardmore Shipping by 48.6% in the 1st quarter. Renaissance Technologies LLC now owns 27,500 shares of the shipping company’s stock valued at $124,000 after acquiring an additional 9,000 shares in the last quarter. Finally, Institute for Wealth Management LLC. acquired a new position in Ardmore Shipping in the 1st quarter valued at about $140,000. Hedge funds and other institutional investors own 66.52% of the company’s stock.

About Ardmore Shipping (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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Analyst Recommendations for Ardmore Shipping (NYSE:ASC)

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