Ascent Industries Co. (NASDAQ:ACNT) Sees Significant Increase in Short Interest

Ascent Industries Co. (NASDAQ:ACNT) was the target of a significant growth in short interest in May. As of May 31st, there was short interest totalling 30,500 shares, a growth of 81.5% from the May 15th total of 16,800 shares. Based on an average daily volume of 77,900 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.4% of the shares of the stock are sold short.

Insiders Place Their Bets

In other Ascent Industries news, VP Ravi Ramesh Srinivas purchased 4,000 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were bought at an average cost of $12.65 per share, with a total value of $50,600.00. Following the acquisition, the vice president now owns 12,000 shares in the company, valued at approximately $151,800. This trade represents a 50.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher Gerald Hutter sold 8,300 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $13.45, for a total value of $111,635.00. Following the completion of the transaction, the director now owns 378,959 shares of the company’s stock, valued at $5,096,998.55. The trade was a 2.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,050 shares of company stock worth $358,526 over the last three months. 9.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ascent Industries

Several institutional investors have recently bought and sold shares of the business. Jane Street Group LLC bought a new stake in shares of Ascent Industries in the 1st quarter worth about $269,000. Empowered Funds LLC increased its stake in Ascent Industries by 6.5% during the first quarter. Empowered Funds LLC now owns 47,620 shares of the company’s stock worth $603,000 after acquiring an additional 2,927 shares during the last quarter. Goldman Sachs Group Inc. purchased a new stake in Ascent Industries during the first quarter valued at approximately $227,000. Mink Brook Asset Management LLC raised its position in Ascent Industries by 0.4% during the first quarter. Mink Brook Asset Management LLC now owns 1,000,697 shares of the company’s stock valued at $12,669,000 after purchasing an additional 4,123 shares during the period. Finally, Informed Momentum Co LLC bought a new stake in shares of Ascent Industries in the 1st quarter valued at approximately $627,000. Institutional investors own 26.05% of the company’s stock.

Ascent Industries Trading Down 2.3%

Shares of Ascent Industries stock opened at $12.46 on Friday. Ascent Industries has a twelve month low of $8.16 and a twelve month high of $13.70. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $12.76 and a 200-day moving average price of $12.00. The firm has a market cap of $124.72 million, a price-to-earnings ratio of -73.29 and a beta of 0.61.

Ascent Industries (NASDAQ:ACNT) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.20). Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%. The firm had revenue of $24.73 million during the quarter, compared to the consensus estimate of $48.90 million.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of Ascent Industries from a “buy” rating to a “hold” rating in a report on Thursday, May 22nd.

Ascent Industries Company Profile

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.