Ardmore Shipping (ASC) Upgraded to “Buy” by Fearnley Fonds
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.
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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