Fearnley Fonds upgraded shares of Ardmore Shipping (NYSE:ASC) from a reduce rating to a buy rating in a research note published on Tuesday, The Fly reports. They currently have $9.30 price target on the shipping company’s stock, up from their prior price target of $6.70.

Several other equities research analysts also recently issued reports on ASC. Zacks Investment Research upgraded Ardmore Shipping from a sell rating to a hold rating in a report on Monday, June 25th. ValuEngine downgraded Ardmore Shipping from a hold rating to a sell rating in a report on Monday, July 2nd. Finally, Morgan Stanley dropped their price objective on Ardmore Shipping from $9.00 to $8.00 and set an equal weight rating on the stock in a report on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Ardmore Shipping currently has an average rating of Buy and a consensus price target of $10.11.

ASC stock opened at $6.80 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 1.23 and a debt-to-equity ratio of 1.10. Ardmore Shipping has a 52-week low of $6.40 and a 52-week high of $9.05. The company has a market cap of $230.03 million, a price-to-earnings ratio of -18.38 and a beta of 0.83.

Ardmore Shipping (NYSE:ASC) last posted its quarterly earnings data on Tuesday, July 31st. The shipping company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). Ardmore Shipping had a negative return on equity of 5.70% and a negative net margin of 11.15%. The business had revenue of $28.20 million for the quarter, compared to analysts’ expectations of $28.44 million. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. Ardmore Shipping’s revenue for the quarter was down 11.1% compared to the same quarter last year. equities analysts forecast that Ardmore Shipping will post -0.72 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. A.R.T. Advisors LLC acquired a new stake in shares of Ardmore Shipping during the first quarter worth $117,000. Citadel Advisors LLC acquired a new position in Ardmore Shipping during the first quarter valued at $138,000. Eqis Capital Management Inc. raised its position in Ardmore Shipping by 46.7% during the second quarter. Eqis Capital Management Inc. now owns 30,578 shares of the shipping company’s stock valued at $251,000 after buying an additional 9,735 shares during the period. Paloma Partners Management Co acquired a new position in Ardmore Shipping during the second quarter valued at $448,000. Finally, Schwab Charles Investment Management Inc. raised its position in Ardmore Shipping by 26.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 58,600 shares of the shipping company’s stock valued at $446,000 after buying an additional 12,100 shares during the period. 89.46% of the stock is currently owned by institutional investors.

About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. The company operates a fleet of 28 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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Analyst Recommendations for Ardmore Shipping (NYSE:ASC)

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