Ardmore Shipping Target of Unusually High Options Trading (ASC)

Ardmore Shipping Corp (NYSE:ASC) was the recipient of some unusual options trading on Wednesday. Investors bought 1,000 put options on the company. This represents an increase of approximately 1,900% compared to the typical daily volume of 50 put options.

ASC has been the topic of a number of analyst reports. Morgan Stanley set a $7.00 target price on Ardmore Shipping and gave the company a “hold” rating in a report on Friday, February 15th. Zacks Investment Research cut Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Monday, January 21st. Finally, ValuEngine upgraded Ardmore Shipping from a “sell” rating to a “hold” rating in a report on Friday, March 1st.

Shares of NYSE:ASC opened at $6.37 on Thursday. The firm has a market cap of $199.25 million, a price-to-earnings ratio of -6.13 and a beta of 1.18. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.28 and a current ratio of 1.45. Ardmore Shipping has a one year low of $4.22 and a one year high of $8.75.

Ardmore Shipping (NYSE:ASC) last announced its earnings results on Wednesday, February 6th. The shipping company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.02). Ardmore Shipping had a negative net margin of 20.43% and a negative return on equity of 9.38%. The company had revenue of $58.40 million for the quarter, compared to analyst estimates of $30.45 million. During the same quarter last year, the company posted ($0.12) EPS. Ardmore Shipping’s quarterly revenue was up 22.2% compared to the same quarter last year. As a group, equities research analysts forecast that Ardmore Shipping will post -0.16 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of ASC. Macquarie Group Ltd. acquired a new stake in shares of Ardmore Shipping during the fourth quarter worth $36,000. Covington Capital Management acquired a new stake in shares of Ardmore Shipping during the fourth quarter worth $37,000. Citigroup Inc. boosted its holdings in shares of Ardmore Shipping by 39.9% during the fourth quarter. Citigroup Inc. now owns 14,933 shares of the shipping company’s stock worth $69,000 after purchasing an additional 4,259 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Ardmore Shipping by 46.2% during the fourth quarter. Rhumbline Advisers now owns 46,314 shares of the shipping company’s stock worth $216,000 after purchasing an additional 14,635 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Ardmore Shipping by 241.8% during the fourth quarter. Bank of America Corp DE now owns 54,795 shares of the shipping company’s stock worth $257,000 after purchasing an additional 38,763 shares during the last quarter. Institutional investors and hedge funds own 88.64% of the company’s stock.

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About Ardmore Shipping

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals worldwide. As of January 31, 2019, the company operated a fleet of 27 double-hulled product and chemical tankers, including 21 Eco-design and 6 Eco-mod vessels. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

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