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

Ardmore Shipping (NYSE:ASC) had its price objective dropped by equities researchers at Jefferies Financial Group from $20.00 to $17.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price objective points to a potential upside of 44.44% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Stifel Nicolaus lowered Ardmore Shipping from a “buy” rating to a “hold” rating and decreased their target price for the stock from $24.00 to $17.00 in a research note on Wednesday, October 23rd. Evercore ISI raised their price objective on shares of Ardmore Shipping from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. StockNews.com cut shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, Fearnley Fonds upgraded shares of Ardmore Shipping to a “hold” rating in a report on Friday, September 27th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.00.

Ardmore Shipping Stock Down 1.5 %

NYSE:ASC opened at $11.77 on Thursday. Ardmore Shipping has a 52 week low of $11.59 and a 52 week high of $23.44. The stock’s fifty day moving average is $16.15 and its two-hundred day moving average is $19.07. The stock has a market capitalization of $492.46 million, a price-to-earnings ratio of 3.31 and a beta of 0.37. The company has a quick ratio of 3.26, a current ratio of 3.57 and a debt-to-equity ratio of 0.03.

Hedge Funds Weigh In On Ardmore Shipping

Several large investors have recently bought and sold shares of the business. Fortitude Family Office LLC grew its position in shares of Ardmore Shipping by 322.0% in the 2nd quarter. Fortitude Family Office LLC now owns 1,249 shares of the shipping company’s stock valued at $28,000 after buying an additional 953 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Ardmore Shipping during the second quarter worth about $29,000. Private Trust Co. NA purchased a new stake in shares of Ardmore Shipping in the 3rd quarter valued at about $31,000. Larson Financial Group LLC acquired a new stake in shares of Ardmore Shipping in the 2nd quarter valued at about $34,000. Finally, nVerses Capital LLC purchased a new position in Ardmore Shipping during the 2nd quarter worth approximately $47,000. Hedge funds and other institutional investors own 62.22% of the company’s stock.

About Ardmore Shipping

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.