Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Increases By 9.8%

Ascent Industries Co. (NASDAQ:ACNT) saw a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 9,000 shares, an increase of 9.8% from the October 31st total of 8,200 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 55,400 shares, the days-to-cover ratio is currently 0.2 days.

Insider Activity at Ascent Industries

In other news, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $8.22, for a total value of $13,686,300.00. Following the sale, the insider now owns 8,648 shares in the company, valued at $71,086.56. This trade represents a 99.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO John Bryan Kitchen purchased 11,170 shares of Ascent Industries stock in a transaction that occurred on Friday, September 20th. The shares were bought at an average price of $8.61 per share, with a total value of $96,173.70. Following the transaction, the chief executive officer now owns 50,841 shares in the company, valued at approximately $437,741.01. The trade was a 28.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ascent Industries

Several hedge funds and other institutional investors have recently modified their holdings of the business. Essex Investment Management Co. LLC acquired a new stake in Ascent Industries in the 3rd quarter valued at about $132,000. Values Added Financial LLC acquired a new stake in shares of Ascent Industries in the third quarter valued at approximately $133,000. Empowered Funds LLC increased its holdings in shares of Ascent Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after purchasing an additional 2,144 shares during the last quarter. De Lisle Partners LLP lifted its position in Ascent Industries by 5.5% during the third quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after buying an additional 10,349 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Ascent Industries by 4.3% during the first quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock worth $2,616,000 after buying an additional 10,688 shares during the last quarter. 26.05% of the stock is owned by hedge funds and other institutional investors.

Ascent Industries Price Performance

NASDAQ ACNT traded down $0.14 during mid-day trading on Wednesday, hitting $11.99. The stock had a trading volume of 17,632 shares, compared to its average volume of 22,708. Ascent Industries has a twelve month low of $7.20 and a twelve month high of $12.38. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.81. The firm’s 50 day moving average is $9.80 and its 200 day moving average is $9.89. The stock has a market capitalization of $120.98 million, a price-to-earnings ratio of -71.35 and a beta of 0.85.

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.