Ardmore Shipping (NYSE:ASC) Shares Gap Down – Here’s Why

Ardmore Shipping Corporation (NYSE:ASC)’s share price gapped down before the market opened on Tuesday. The stock had previously closed at $19.56, but opened at $17.82. Ardmore Shipping shares last traded at $18.4550, with a volume of 187,944 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on ASC. Evercore restated an “outperform” rating and set a $22.00 target price on shares of Ardmore Shipping in a report on Tuesday, October 27th. Weiss Ratings raised Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, September 22nd. Finally, Wall Street Zen lowered Ardmore Shipping from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Three equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $18.50.

Ardmore Shipping Stock Down 6.6%

The firm’s fifty day simple moving average is $18.82 and its two-hundred day simple moving average is $16.58. The company has a current ratio of 5.45, a quick ratio of 4.84 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $743.89 million, a price-to-earnings ratio of 7.07 and a beta of 0.11.

Ardmore Shipping (NYSE:ASC) last announced its quarterly earnings results on Wednesday, November 4th. The shipping company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.39 by $0.01. The business had revenue of $87.71 million for the quarter, compared to analyst estimates of $56.67 million. Ardmore Shipping had a return on equity of 15.24% and a net margin of 29.67%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ASC. Legal & General Group Plc acquired a new stake in shares of Ardmore Shipping in the second quarter valued at $49,000. Farther Finance Advisors LLC boosted its holdings in shares of Ardmore Shipping by 49.6% in the third quarter. Farther Finance Advisors LLC now owns 4,309 shares of the shipping company’s stock valued at $80,000 after acquiring an additional 1,429 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Ardmore Shipping by 464.3% during the third quarter. Nisa Investment Advisors LLC now owns 6,320 shares of the shipping company’s stock worth $118,000 after buying an additional 5,200 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Ardmore Shipping by 10.2% during the first quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company’s stock worth $112,000 after purchasing an additional 680 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Ardmore Shipping by 20.1% in the 3rd quarter. GAMMA Investing LLC now owns 8,629 shares of the shipping company’s stock worth $161,000 after acquiring an additional 1,446 shares during the period. Institutional investors and hedge funds own 62.22% of the company’s stock.

About Ardmore Shipping

Ardmore Shipping Corporation (NYSE: ASC) is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company provides seaborne transportation services for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid cargoes.

Ardmore’s vessels primarily serve international trade routes, transporting cargoes between major energy and industrial markets. Its operations include commercial management, chartering and technical management of its fleet, with an emphasis on safe, efficient and environmentally responsible maritime transportation.

Founded in 2010, Ardmore Shipping is headquartered in Hamilton, Bermuda.