Ardmore Shipping Corporation (NYSE:ASC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

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. “

A number of other equities research analysts also recently weighed in on ASC. Stifel Nicolaus reissued a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Friday. BidaskClub downgraded shares of Ardmore Shipping Corporation from a “buy” rating to a “hold” rating in a research note on Saturday. Jefferies Group LLC reissued a “buy” rating and set a $10.00 price target on shares of Ardmore Shipping Corporation in a research note on Tuesday, July 4th. ValuEngine raised shares of Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Finally, TheStreet downgraded shares of Ardmore Shipping Corporation from a “c-” rating to a “d” rating in a research note on Wednesday, May 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Ardmore Shipping Corporation currently has a consensus rating of “Hold” and an average target price of $9.88.

Shares of Ardmore Shipping Corporation (NYSE:ASC) traded up 2.61% during mid-day trading on Tuesday, reaching $7.85. 142,252 shares of the company were exchanged. The firm has a 50-day moving average price of $7.72 and a 200 day moving average price of $7.49. The stock’s market capitalization is $263.56 million. Ardmore Shipping Corporation has a 12 month low of $5.00 and a 12 month high of $8.75.

Ardmore Shipping Corporation (NYSE:ASC) last posted its quarterly earnings results on Wednesday, May 3rd. The shipping company reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.04. The business had revenue of $49.67 million during the quarter, compared to the consensus estimate of $30.75 million. Ardmore Shipping Corporation had a negative net margin of 3.03% and a negative return on equity of 0.60%. Ardmore Shipping Corporation’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.26 earnings per share. Equities research analysts anticipate that Ardmore Shipping Corporation will post ($0.05) EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Royce & Associates LP boosted its position in shares of Ardmore Shipping Corporation by 7.8% in the first quarter. Royce & Associates LP now owns 1,565,675 shares of the shipping company’s stock worth $12,604,000 after buying an additional 113,500 shares in the last quarter. Boston Partners boosted its position in shares of Ardmore Shipping Corporation by 5.7% in the first quarter. Boston Partners now owns 941,138 shares of the shipping company’s stock worth $7,576,000 after buying an additional 51,050 shares in the last quarter. Eagle Boston Investment Management Inc. boosted its position in shares of Ardmore Shipping Corporation by 5.7% in the first quarter. Eagle Boston Investment Management Inc. now owns 908,767 shares of the shipping company’s stock worth $7,315,000 after buying an additional 48,669 shares in the last quarter. Van Den Berg Management I Inc. boosted its position in shares of Ardmore Shipping Corporation by 149.7% in the first quarter. Van Den Berg Management I Inc. now owns 879,941 shares of the shipping company’s stock worth $7,084,000 after buying an additional 527,488 shares in the last quarter. Finally, Signia Capital Management LLC boosted its position in shares of Ardmore Shipping Corporation by 122.5% in the first quarter. Signia Capital Management LLC now owns 746,206 shares of the shipping company’s stock worth $6,007,000 after buying an additional 410,766 shares in the last quarter. Hedge funds and other institutional investors own 76.29% of the company’s stock.

About Ardmore Shipping Corporation

Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.

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Analyst Recommendations for Ardmore Shipping Corporation (NYSE:ASC)

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