Jefferies Financial Group Has Lowered Expectations for Ardmore Shipping (NYSE:ASC) Stock Price

Ardmore Shipping (NYSE:ASC) had its price target reduced by equities research analysts at Jefferies Financial Group from $20.00 to $17.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 44.44% from the company’s current price.

A number of other equities analysts have also weighed in on ASC. Evercore ISI lifted their price objective on shares of Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com downgraded shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Stifel Nicolaus cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating and cut their price target for the stock from $24.00 to $17.00 in a report on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded shares of Ardmore Shipping to a “hold” rating in a research report on Friday, September 27th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.00.

Ardmore Shipping Stock Performance

NYSE ASC opened at $11.77 on Thursday. The firm has a market cap of $492.46 million, a P/E ratio of 3.31 and a beta of 0.37. Ardmore Shipping has a 52-week low of $11.59 and a 52-week high of $23.44. The business’s 50-day moving average price is $16.15 and its 200 day moving average price is $19.07. The company has a quick ratio of 3.26, a current ratio of 3.57 and a debt-to-equity ratio of 0.03.

Institutional Investors Weigh In On Ardmore Shipping

Several institutional investors have recently modified their holdings of ASC. Renaissance Technologies LLC increased its stake in Ardmore Shipping by 47.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,400,981 shares of the shipping company’s stock valued at $31,564,000 after purchasing an additional 449,200 shares in the last quarter. Foundry Partners LLC raised its stake in shares of Ardmore Shipping by 217.5% during the 3rd quarter. Foundry Partners LLC now owns 565,300 shares of the shipping company’s stock worth $10,232,000 after buying an additional 387,240 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Ardmore Shipping by 27.4% in the 2nd quarter. American Century Companies Inc. now owns 1,124,835 shares of the shipping company’s stock worth $25,343,000 after buying an additional 241,748 shares in the last quarter. Vanguard Group Inc. grew its stake in Ardmore Shipping by 51.0% in the 1st quarter. Vanguard Group Inc. now owns 541,103 shares of the shipping company’s stock valued at $8,885,000 after acquiring an additional 182,650 shares during the last quarter. Finally, Acadian Asset Management LLC increased its holdings in Ardmore Shipping by 135.1% during the 2nd quarter. Acadian Asset Management LLC now owns 308,200 shares of the shipping company’s stock valued at $6,936,000 after acquiring an additional 177,130 shares in the last quarter. Hedge funds and other institutional investors own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.