Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Declines By 58.4%

Ascent Industries Co. (NASDAQ:ACNT) saw a large drop in short interest in June. As of June 30th, there was short interest totaling 161,922 shares, a drop of 58.4% from the June 15th total of 389,200 shares. Based on an average daily volume of 173,134 shares, the short-interest ratio is currently 0.9 days. Currently, 1.9% of the shares of the stock are sold short.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Ascent Industries from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 29th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Sell”.

Ascent Industries Stock Performance

ACNT opened at $15.18 on Tuesday. The firm has a market cap of $137.23 million, a PE ratio of 116.78 and a beta of 0.52. The company has a quick ratio of 7.82, a current ratio of 8.69 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $14.20 and a 200-day simple moving average of $14.85. Ascent Industries has a fifty-two week low of $11.62 and a fifty-two week high of $17.92.

Ascent Industries (NASDAQ:ACNT) last announced its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share (EPS) for the quarter. Ascent Industries had a negative return on equity of 4.37% and a net margin of 1.54%.The company had revenue of $19.41 million for the quarter.

Hedge Funds Weigh In On Ascent Industries

A number of institutional investors have recently bought and sold shares of ACNT. Squarepoint Ops LLC purchased a new stake in Ascent Industries during the fourth quarter valued at about $331,000. Goldman Sachs Group Inc. acquired a new position in shares of Ascent Industries in the first quarter worth about $227,000. Bank of America Corp DE increased its position in shares of Ascent Industries by 290.7% in the third quarter. Bank of America Corp DE now owns 17,484 shares of the company’s stock worth $225,000 after acquiring an additional 13,009 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Ascent Industries by 121,970.0% in the second quarter. JPMorgan Chase & Co. now owns 12,207 shares of the company’s stock worth $154,000 after acquiring an additional 12,197 shares in the last quarter. Finally, Occudo Quantitative Strategies LP purchased a new position in shares of Ascent Industries in the second quarter worth approximately $135,000. Hedge funds and other institutional investors own 26.05% of the company’s stock.

About Ascent Industries

Ascent Industries Co an industrials company, produces and distributes stainless steel pipe and tube and specialty chemicals in the United States and internationally. The company operates through two segments, Tubular Products and Specialty Chemicals. It manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and ornamental stainless steel tubes for automotive, commercial transportation, marine, food services, construction, furniture, healthcare, and other industries.