Ardmore Shipping (NYSE:ASC) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Ardmore Shipping (NYSE:ASC) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Several other analysts have also recently issued reports on ASC. Evercore reissued an “outperform” rating and set a $22.00 price target on shares of Ardmore Shipping in a research report on Tuesday, October 27th. Weiss Ratings upgraded shares of Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 22nd. Three analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $18.50.

Ardmore Shipping Stock Performance

Shares of Ardmore Shipping stock opened at $19.58 on Friday. The stock has a market capitalization of $797.41 million, a price-to-earnings ratio of 8.85 and a beta of 0.11. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.45 and a quick ratio of 4.84. The business has a 50-day moving average of $18.82 and a 200 day moving average of $16.58. Ardmore Shipping has a 12 month low of $10.31 and a 12 month high of $21.34.

Institutional Trading of Ardmore Shipping

Several hedge funds have recently modified their holdings of the stock. Legal & General Group Plc purchased a new position in Ardmore Shipping in the second quarter valued at $49,000. Farther Finance Advisors LLC increased its holdings in Ardmore Shipping by 49.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,309 shares of the shipping company’s stock worth $80,000 after purchasing an additional 1,429 shares during the period. Nisa Investment Advisors LLC increased its holdings in Ardmore Shipping by 464.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,320 shares of the shipping company’s stock worth $118,000 after purchasing an additional 5,200 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Ardmore Shipping by 10.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,358 shares of the shipping company’s stock worth $112,000 after purchasing an additional 680 shares during the period. Finally, GAMMA Investing LLC raised its position in Ardmore Shipping by 20.1% in the 3rd quarter. GAMMA Investing LLC now owns 8,629 shares of the shipping company’s stock valued at $161,000 after purchasing an additional 1,446 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors and hedge funds.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation (NYSE: ASC) is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company provides seaborne transportation services for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid cargoes.

Ardmore’s vessels primarily serve international trade routes, transporting cargoes between major energy and industrial markets. Its operations include commercial management, chartering and technical management of its fleet, with an emphasis on safe, efficient and environmentally responsible maritime transportation.

Founded in 2010, Ardmore Shipping is headquartered in Hamilton, Bermuda.