ASP Isotopes (NASDAQ:ASPI) Shares Down 10.7% – Here’s What Happened

ASP Isotopes Inc. (NASDAQ:ASPI)’s stock price dropped 10.7% during trading on Thursday . The stock traded as low as $6.20 and last traded at $6.3050. 1,709,318 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 5,167,670 shares. The stock had previously closed at $7.06.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $11.00 target price on shares of ASP Isotopes in a research report on Tuesday, April 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ASP Isotopes in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, ASP Isotopes presently has a consensus rating of “Hold” and a consensus target price of $13.00.

ASP Isotopes Stock Down 8.4%

The company has a market cap of $814.45 million, a P/E ratio of -3.10 and a beta of 3.42. The company has a quick ratio of 4.37, a current ratio of 4.39 and a debt-to-equity ratio of 0.69. The firm has a fifty day moving average price of $6.15 and a 200 day moving average price of $5.90.

ASP Isotopes (NASDAQ:ASPI) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.06. ASP Isotopes had a negative return on equity of 112.46% and a negative net margin of 644.40%.The business had revenue of $8.36 million during the quarter, compared to analysts’ expectations of $3.68 million.

Insider Activity at ASP Isotopes

In other news, CEO Paul Elliot Mann sold 83,759 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $7.76, for a total transaction of $649,969.84. Following the sale, the chief executive officer directly owned 9,579,845 shares of the company’s stock, valued at $74,339,597.20. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Robert Ainscow sold 22,500 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $5.21, for a total transaction of $117,225.00. Following the sale, the chief operating officer directly owned 1,490,317 shares in the company, valued at $7,764,551.57. This trade represents a 1.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 233,221 shares of company stock valued at $1,707,989 over the last ninety days. Company insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On ASP Isotopes

Hedge funds have recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its holdings in ASP Isotopes by 12.4% during the 3rd quarter. ProShare Advisors LLC now owns 13,101 shares of the company’s stock worth $126,000 after purchasing an additional 1,448 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its position in shares of ASP Isotopes by 8.3% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 21,056 shares of the company’s stock worth $203,000 after buying an additional 1,622 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of ASP Isotopes by 9.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,840 shares of the company’s stock worth $153,000 after buying an additional 1,878 shares during the period. Legal & General Group Plc raised its stake in shares of ASP Isotopes by 30.4% during the third quarter. Legal & General Group Plc now owns 8,377 shares of the company’s stock worth $81,000 after buying an additional 1,953 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of ASP Isotopes by 84.9% during the second quarter. BNP Paribas Financial Markets now owns 5,549 shares of the company’s stock worth $41,000 after buying an additional 2,548 shares during the last quarter. Institutional investors own 16.80% of the company’s stock.

ASP Isotopes Company Profile

ASP Isotopes Inc, a development stage advanced materials company, focuses on the production, distribution, marketing, and sale of isotopes. It engages in the production and commercialization of Molybdenum-100, a non-radioactive isotope for the medical industry; Carbon-14; and Silicon-28. The company is also developing Quantum Enrichment technology to produce Ytterbium-176, Nickel-64, Lithium 6, Lithium7, and Uranium-235. ASP Isotopes Inc was incorporated in 2021 and is headquartered in Washington, District Of Columbia.