Ascent Industries Co. (NASDAQ:ACNT – Get Free Report) was the target of a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 30,500 shares, an increase of 81.5% from the May 15th total of 16,800 shares. Based on an average trading volume of 77,900 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.4% of the shares of the stock are short sold.
Ascent Industries Trading Down 2.3%
Ascent Industries stock opened at $12.46 on Monday. The stock has a 50-day moving average of $12.76 and a two-hundred day moving average of $12.02. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 3.77. Ascent Industries has a one year low of $8.16 and a one year high of $13.70. The stock has a market cap of $124.72 million, a PE ratio of -73.29 and a beta of 0.61.
Ascent Industries (NASDAQ:ACNT – Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.20). Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%. The company had revenue of $24.73 million for the quarter, compared to analyst estimates of $48.90 million.
Insiders Place Their Bets
Institutional Trading of Ascent Industries
Several institutional investors have recently bought and sold shares of ACNT. Mink Brook Asset Management LLC acquired a new stake in Ascent Industries in the fourth quarter valued at approximately $11,142,000. AMH Equity Ltd acquired a new stake in shares of Ascent Industries in the fourth quarter worth approximately $671,000. Informed Momentum Co LLC acquired a new stake in shares of Ascent Industries in the first quarter worth approximately $627,000. Renaissance Technologies LLC boosted its stake in shares of Ascent Industries by 37.4% in the fourth quarter. Renaissance Technologies LLC now owns 153,500 shares of the company’s stock worth $1,716,000 after acquiring an additional 41,809 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Ascent Industries in the first quarter worth approximately $269,000. 26.05% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Separately, Wall Street Zen cut Ascent Industries from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd.
View Our Latest Research Report on Ascent Industries
About Ascent Industries
Ascent Industries Co an industrials company, produces and distributes stainless steel pipe and tube and specialty chemicals in the United States and internationally. The company operates through two segments, Tubular Products and Specialty Chemicals. It manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and ornamental stainless steel tubes for automotive, commercial transportation, marine, food services, construction, furniture, healthcare, and other industries.
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