Ardmore Shipping Corporation (NYSE:ASC) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Friday.

Several other research analysts have also recently weighed in on the company. ValuEngine cut Ardmore Shipping Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Zacks Investment Research raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Stifel Nicolaus reissued a “buy” rating and issued a $10.00 price objective on shares of Ardmore Shipping Corporation in a research report on Friday, July 7th. Jefferies Group LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Ardmore Shipping Corporation in a research report on Tuesday, July 4th. Finally, TheStreet cut Ardmore Shipping Corporation from a “c-” rating to a “d” rating in a research report on Wednesday, May 24th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Ardmore Shipping Corporation presently has an average rating of “Hold” and a consensus target price of $9.88.

Shares of Ardmore Shipping Corporation (NYSE:ASC) opened at 7.30 on Friday. The firm’s 50-day moving average price is $7.77 and its 200 day moving average price is $7.59. The firm’s market cap is $245.10 million. Ardmore Shipping Corporation has a one year low of $5.00 and a one year high of $8.75.

Ardmore Shipping Corporation (NYSE:ASC) last posted its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.06) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). Ardmore Shipping Corporation had a negative return on equity of 2.35% and a negative net margin of 6.92%. The business had revenue of $49.85 million for the quarter, compared to analysts’ expectations of $31.73 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The business’s revenue was up 25.5% on a year-over-year basis. Analysts predict that Ardmore Shipping Corporation will post ($0.16) EPS for the current year.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Schneider Capital Management Corp boosted its position in shares of Ardmore Shipping Corporation by 8.0% in the second quarter. Schneider Capital Management Corp now owns 578,645 shares of the shipping company’s stock worth $4,716,000 after buying an additional 42,900 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Ardmore Shipping Corporation by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 31,340 shares of the shipping company’s stock worth $255,000 after buying an additional 1,306 shares in the last quarter. State Street Corp boosted its position in shares of Ardmore Shipping Corporation by 15.9% in the second quarter. State Street Corp now owns 481,800 shares of the shipping company’s stock worth $3,930,000 after buying an additional 66,213 shares in the last quarter. Numeric Investors LLC boosted its position in shares of Ardmore Shipping Corporation by 25.7% in the second quarter. Numeric Investors LLC now owns 360,977 shares of the shipping company’s stock worth $2,942,000 after buying an additional 73,900 shares in the last quarter. Finally, Voya Investment Management LLC boosted its position in shares of Ardmore Shipping Corporation by 32.4% in the second quarter. Voya Investment Management LLC now owns 14,753 shares of the shipping company’s stock worth $120,000 after buying an additional 3,614 shares in the last quarter. 76.35% of the stock is currently owned by hedge funds and other institutional investors.

Ardmore Shipping Corporation Company Profile

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.

Analyst Recommendations for Ardmore Shipping Corporation (NYSE:ASC)

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