Ardmore Shipping (NYSE:ASC) Reaches New 52-Week High – Should You Buy?

Ardmore Shipping Corporation (NYSE:ASC) shares hit a new 52-week high on Monday. The company traded as high as $20.68 and last traded at $20.63, with a volume of 117,341 shares traded. The stock had previously closed at $20.03.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ASC shares. Wall Street Zen upgraded shares of Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 5th. Evercore restated an “outperform” rating and set a $22.00 price objective on shares of Ardmore Shipping in a research note on Tuesday. Finally, Weiss Ratings raised Ardmore Shipping from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 22nd. Three equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $18.50.

Ardmore Shipping Price Performance

The firm’s 50 day moving average price is $18.63 and its 200-day moving average price is $16.40.

Ardmore Shipping (NYSE:ASC) last issued its quarterly earnings results on Thursday, July 30th. The shipping company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.07. The company had revenue of $116.21 million during the quarter, compared to the consensus estimate of $86.30 million.

Institutional Trading of Ardmore Shipping

A number of hedge funds have recently modified their holdings of ASC. BlackRock Inc. bought a new stake in Ardmore Shipping in the 2nd quarter valued at $53,878,000. Wellington Management Group LLP acquired a new stake in Ardmore Shipping in the 2nd quarter worth about $27,780,000. Flat Footed LLC bought a new position in Ardmore Shipping during the 2nd quarter worth $13,293,599. Connor Clark & Lunn Investment Management Ltd. bought a new position in Ardmore Shipping in the 2nd quarter valued at about $7,615,000. Finally, Renaissance Technologies LLC raised its position in Ardmore Shipping by 18.1% during the first quarter. Renaissance Technologies LLC now owns 1,736,632 shares of the shipping company’s stock valued at $26,484,000 after purchasing an additional 266,275 shares in the last quarter. 62.22% of the stock is currently owned by institutional investors and hedge funds.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation (NYSE: ASC) is a maritime transportation company that owns and operates a fleet of product and chemical tankers. The company provides seaborne transportation services for refined petroleum products, such as gasoline, diesel and jet fuel, as well as certain chemicals and other liquid cargoes.

Ardmore’s vessels primarily serve international trade routes, transporting cargoes between major energy and industrial markets. Its operations include commercial management, chartering and technical management of its fleet, with an emphasis on safe, efficient and environmentally responsible maritime transportation.

Founded in 2010, Ardmore Shipping is headquartered in Hamilton, Bermuda.