ValuEngine upgraded shares of Ardmore Shipping Corporation (NYSE:ASC) from a sell rating to a hold rating in a research note released on Saturday morning.

Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Ardmore Shipping Corporation from a sell rating to a hold rating in a report on Monday, July 24th. BidaskClub raised shares of Ardmore Shipping Corporation from a strong sell rating to a sell rating in a report on Friday, August 18th. Jefferies Group LLC reaffirmed a buy rating and set a $10.00 target price on shares of Ardmore Shipping Corporation in a report on Tuesday, July 4th. Stifel Nicolaus reaffirmed a buy rating and set a $10.00 target price on shares of Ardmore Shipping Corporation in a report on Friday, July 7th. Finally, TheStreet cut shares of Ardmore Shipping Corporation from a c- rating to a d rating in a report on Wednesday, May 24th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $10.50.

Ardmore Shipping Corporation (ASC) opened at 8.05 on Friday. The firm’s 50-day moving average price is $7.69 and its 200-day moving average price is $7.60. The firm’s market cap is $270.28 million. Ardmore Shipping Corporation has a 12 month low of $5.00 and a 12 month high of $8.75.

Ardmore Shipping Corporation (NYSE:ASC) last announced its earnings results on Thursday, August 3rd. The shipping company reported ($0.06) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.06). Ardmore Shipping Corporation had a negative net margin of 6.92% and a negative return on equity of 2.35%. The business had revenue of $49.85 million during the quarter, compared to analysts’ expectations of $31.73 million. During the same period in the prior year, the company earned $0.18 earnings per share. The firm’s revenue was up 25.5% on a year-over-year basis. On average, equities research analysts expect that Ardmore Shipping Corporation will post ($0.16) EPS for the current fiscal year.

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Several hedge funds have recently made changes to their positions in ASC. Schneider Capital Management Corp boosted its stake in shares of Ardmore Shipping Corporation by 8.0% in the second quarter. Schneider Capital Management Corp now owns 578,645 shares of the shipping company’s stock worth $4,716,000 after buying an additional 42,900 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Ardmore Shipping Corporation by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock worth $255,000 after buying an additional 1,306 shares during the period. State Street Corp boosted its stake in shares of Ardmore Shipping Corporation by 15.9% in the second quarter. State Street Corp now owns 481,800 shares of the shipping company’s stock worth $3,930,000 after buying an additional 66,213 shares during the period. Numeric Investors LLC boosted its stake in shares of Ardmore Shipping Corporation by 25.7% in the second quarter. Numeric Investors LLC now owns 360,977 shares of the shipping company’s stock worth $2,942,000 after buying an additional 73,900 shares during the period. Finally, Voya Investment Management LLC boosted its stake in shares of Ardmore Shipping Corporation by 32.4% in the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after buying an additional 3,614 shares during the period. 76.48% of the stock is 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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