HITE Hedge Asset Management LLC Takes $2.41 Million Position in ASP Isotopes Inc. $ASPI

Key Points

• HITE Hedge Asset Management opened a new position in ASP Isotopes during the fourth quarter, buying 449,883 shares worth about $2.41 million and taking roughly a 0.41% stake in the company.
• Other institutional investors have also been active in ASPI, with firms like Invesco and Rhumbline increasing holdings; hedge funds and institutions now own 16.8% of the stock.
• ASP Isotopes reported a smaller-than-expected quarterly loss and stronger-than-expected revenue, while shares recently traded up 5.1% to $6.55. Insider selling also continued, including stock sales by the COO and CFO related to tax withholding on equity awards.

HITE Hedge Asset Management LLC acquired a new position in ASP Isotopes Inc. (NASDAQ:ASPI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 449,883 shares of the company's stock, valued at approximately $2,407,000. HITE Hedge Asset Management LLC owned about 0.41% of ASP Isotopes as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ASPI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of ASP Isotopes by 9.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,613 shares of the company's stock worth $148,000 after buying an additional 2,709 shares during the last quarter. Rhumbline Advisers grew its position in shares of ASP Isotopes by 20.9% in the 2nd quarter. Rhumbline Advisers now owns 78,994 shares of the company's stock worth $581,000 after buying an additional 13,668 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of ASP Isotopes in the 2nd quarter worth approximately $178,000. New York State Common Retirement Fund grew its position in shares of ASP Isotopes by 418.2% in the 2nd quarter. New York State Common Retirement Fund now owns 17,100 shares of the company's stock worth $126,000 after buying an additional 13,800 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of ASP Isotopes by 2,205.0% in the 2nd quarter. Invesco Ltd. now owns 471,219 shares of the company's stock worth $3,468,000 after buying an additional 450,776 shares during the last quarter. Hedge funds and other institutional investors own 16.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ASPI shares. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $11.00 price objective 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 report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $13.00.

Insider Activity at ASP Isotopes

In other ASP Isotopes news, COO Robert Ainscow sold 8,438 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $7.00, for a total transaction of $59,066.00. Following the sale, the chief operating officer owned 2,281,879 shares of the company's stock, valued at approximately $15,973,153. The trade was a 0.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Heather Kiessling sold 23,124 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $5.48, for a total transaction of $126,719.52. Following the sale, the chief financial officer directly owned 709,376 shares in the company, valued at approximately $3,887,380.48. This represents a 3.16% decrease in their position. 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 sold a total of 233,221 shares of company stock worth $1,707,989 in the last quarter. 14.40% of the stock is currently owned by company insiders.

ASP Isotopes Stock Up 5.1%

Shares of ASP Isotopes stock opened at $6.55 on Friday. The firm's 50 day moving average price is $5.74 and its 200-day moving average price is $5.85. The company has a quick ratio of 4.37, a current ratio of 4.39 and a debt-to-equity ratio of 0.69. ASP Isotopes Inc. has a 52-week low of $3.92 and a 52-week high of $14.49. The company has a market cap of $824.65 million, a P/E ratio of -3.15 and a beta of 3.42.

ASP Isotopes (NASDAQ:ASPI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.06. The firm had revenue of $8.36 million for the quarter, compared to the consensus estimate of $3.68 million. ASP Isotopes had a negative net margin of 644.40% and a negative return on equity of 112.46%.

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.

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