Ardmore Shipping (NYSE:ASC) Shares Gap Down - Should You Sell?

Key Points

• Ardmore Shipping shares fell 6.6%, opening at $17.82 versus the prior close of $19.56, before trading around $18.46.
• Analyst sentiment remains favorable: the stock has an average “Buy” rating and an average price target of $18.50, with Evercore maintaining an “outperform” rating and a $22 target.
• The company reported a quarterly earnings beat, posting $0.40 EPS versus the $0.39 consensus and revenue of $87.71 million versus expectations of $56.67 million; institutional investors own 62.22% of the stock.

Ardmore Shipping Corporation (NYSE:ASC - Get Free Report) gapped down prior to trading on Tuesday. The stock had previously closed at $19.56, but opened at $17.82. Ardmore Shipping shares last traded at $18.4550, with a volume of 187,944 shares trading hands.

Wall Street Analyst Weigh In

ASC has been the topic of a number of research reports. Weiss Ratings raised Ardmore Shipping from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 22nd. Wall Street Zen downgraded shares of Ardmore Shipping from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, Evercore reissued an "outperform" rating and issued a $22.00 price objective on shares of Ardmore Shipping in a research note on Tuesday, October 27th. Three research analysts have rated the stock with a Buy rating. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $18.50.

Ardmore Shipping Stock Down 6.6%

The company has a quick ratio of 4.84, a current ratio of 5.45 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $743.89 million, a PE ratio of 7.07 and a beta of 0.11. The stock has a 50-day simple moving average of $18.82 and a 200-day simple moving average of $16.58.

Ardmore Shipping (NYSE:ASC - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The shipping company reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.01. Ardmore Shipping had a net margin of 29.67% and a return on equity of 15.24%. The company had revenue of $87.71 million for the quarter, compared to analysts' expectations of $56.67 million.

Institutional Investors Weigh In On Ardmore Shipping

A number of institutional investors and hedge funds have recently bought and sold shares of ASC. BlackRock Inc. bought a new position in Ardmore Shipping during the 2nd quarter valued at about $53,878,000. Bank of America Corp DE increased its stake in Ardmore Shipping by 93.5% in the 1st quarter. Bank of America Corp DE now owns 139,639 shares of the shipping company's stock worth $2,129,000 after buying an additional 67,473 shares during the period. Wellington Management Group LLP bought a new stake in Ardmore Shipping during the 2nd quarter valued at about $27,780,000. Engineers Gate Manager LP lifted its holdings in Ardmore Shipping by 228.8% during the 2nd quarter. Engineers Gate Manager LP now owns 131,362 shares of the shipping company's stock valued at $1,840,000 after buying an additional 91,411 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Ardmore Shipping in the 2nd quarter valued at about $1,376,000. 62.22% of the stock is owned by hedge funds and other institutional investors.

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.

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