Ardmore Shipping (NYSE:ASC) Reaches New 12-Month High – Here’s What Happened

Ardmore Shipping Corporation (NYSE:ASC) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $13.72 and last traded at $13.4250, with a volume of 75730 shares. The stock had previously closed at $13.24.

Analyst Upgrades and Downgrades

ASC has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ardmore Shipping in a report on Wednesday, December 24th. Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of Ardmore Shipping in a research note on Wednesday, November 5th. Finally, Evercore increased their target price on shares of Ardmore Shipping from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.67.

Ardmore Shipping Stock Up 2.1%

The company has a debt-to-equity ratio of 0.18, a current ratio of 4.46 and a quick ratio of 4.08. The company has a fifty day moving average price of $11.65 and a 200 day moving average price of $11.82. The company has a market cap of $548.98 million, a PE ratio of 17.33 and a beta of -0.09.

Institutional Trading of Ardmore Shipping

Institutional investors and hedge funds have recently made changes to their positions in the stock. MeadowBrook Investment Advisors LLC purchased a new position in Ardmore Shipping in the second quarter worth $33,000. Raymond James Financial Inc. purchased a new position in shares of Ardmore Shipping in the 2nd quarter worth about $38,000. Ameriflex Group Inc. bought a new position in shares of Ardmore Shipping during the 3rd quarter valued at about $59,000. CWM LLC raised its holdings in shares of Ardmore Shipping by 320.8% during the 2nd quarter. CWM LLC now owns 7,735 shares of the shipping company’s stock valued at $74,000 after buying an additional 5,897 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Ardmore Shipping by 1,689.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock valued at $81,000 after buying an additional 7,972 shares in the last quarter. Hedge funds and other institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.