Ardmore Shipping (NYSE:ASC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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 commented on ASC. Morgan Stanley upped their price target on shares of Zynga and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Pareto Securities raised shares of Ardmore Shipping from a “hold” rating to a “buy” rating in a research report on Friday, June 28th. Finally, ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $8.68.

ASC stock traded up $0.08 on Tuesday, hitting $8.65. 6,017 shares of the company were exchanged, compared to its average volume of 180,849. Ardmore Shipping has a twelve month low of $4.22 and a twelve month high of $8.77. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.56 and a quick ratio of 1.37. The company has a fifty day simple moving average of $7.20. The firm has a market cap of $287.29 million, a PE ratio of -8.33 and a beta of 1.19.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results on Wednesday, May 1st. The shipping company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.02. Ardmore Shipping had a negative net margin of 21.14% and a negative return on equity of 8.92%. The firm had revenue of $62.30 million during the quarter, compared to analyst estimates of $33.04 million. During the same quarter in the prior year, the business posted ($0.16) earnings per share. Ardmore Shipping’s revenue for the quarter was up 23.4% compared to the same quarter last year. Sell-side analysts predict that Ardmore Shipping will post 0.06 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA raised its position in Ardmore Shipping by 591.6% in the first quarter. BNP Paribas Arbitrage SA now owns 6,978 shares of the shipping company’s stock valued at $43,000 after purchasing an additional 5,969 shares during the last quarter. Macquarie Group Ltd. acquired a new stake in Ardmore Shipping in the fourth quarter valued at approximately $36,000. Covington Capital Management acquired a new stake in Ardmore Shipping in the fourth quarter valued at approximately $37,000. Campbell & CO Investment Adviser LLC acquired a new stake in Ardmore Shipping in the second quarter valued at approximately $95,000. Finally, Citigroup Inc. boosted its position in shares of Ardmore Shipping by 39.9% during the fourth quarter. Citigroup Inc. now owns 14,933 shares of the shipping company’s stock valued at $69,000 after buying an additional 4,259 shares during the last quarter. Hedge funds and other institutional investors own 90.28% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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