Zacks Investment Research lowered shares of Ardmore Shipping Corporation (NYSE:ASC) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

Several other brokerages have also issued reports on ASC. Jefferies Group LLC reiterated a buy rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Tuesday, July 4th. ValuEngine upgraded Ardmore Shipping Corporation from a sell rating to a hold rating in a research note on Tuesday, June 27th. Stifel Nicolaus reiterated a buy rating and issued a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Friday, July 7th. BidaskClub lowered Ardmore Shipping Corporation from a buy rating to a hold rating in a research note on Saturday, July 8th. Finally, TheStreet lowered Ardmore Shipping Corporation from a c- rating to a d rating in a research report on Wednesday, May 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $9.88.

Shares of Ardmore Shipping Corporation (NYSE:ASC) traded up 0.937% during mid-day trading on Tuesday, hitting $8.075. The stock had a trading volume of 44,018 shares. The stock has a 50 day moving average price of $7.72 and a 200 day moving average price of $7.49. The firm’s market cap is $271.12 million. Ardmore Shipping Corporation has a 52 week low of $5.00 and a 52 week high of $8.75.

Ardmore Shipping Corporation (NYSE:ASC) last issued its quarterly earnings results on Wednesday, May 3rd. The shipping company reported ($0.06) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.04. Ardmore Shipping Corporation had a negative return on equity of 0.60% and a negative net margin of 3.03%. The company had revenue of $49.67 million for the quarter, compared to analyst estimates of $30.75 million. During the same quarter last year, the company posted $0.26 EPS. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. Equities research analysts expect that Ardmore Shipping Corporation will post ($0.06) EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC bought a new position in shares of Ardmore Shipping Corporation during the first quarter valued at approximately $103,000. American International Group Inc. increased its position in shares of Ardmore Shipping Corporation by 33.3% in the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock valued at $135,000 after buying an additional 4,177 shares during the last quarter. Highbridge Capital Management LLC bought a new position in shares of Ardmore Shipping Corporation during the first quarter valued at approximately $146,000. Nationwide Fund Advisors increased its position in shares of Ardmore Shipping Corporation by 15.8% in the first quarter. Nationwide Fund Advisors now owns 20,423 shares of the shipping company’s stock valued at $164,000 after buying an additional 2,792 shares during the last quarter. Finally, OppenheimerFunds Inc. increased its position in shares of Ardmore Shipping Corporation by 11.5% in the first quarter. OppenheimerFunds Inc. now owns 59,704 shares of the shipping company’s stock valued at $481,000 after buying an additional 6,165 shares during the last quarter. 76.33% of the stock is currently owned by hedge funds and other institutional investors.

Ardmore Shipping Corporation Company Profile

Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.

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Analyst Recommendations for Ardmore Shipping Corporation (NYSE:ASC)

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