Is Buying Ardmore Shipping Corporation (NYSE:ASC), Having Higher Short Interest a Winning Strategy?

September 16, 2018 - By Linda Rogers

Ardmore Shipping Corporation (NYSE:ASC) Logo

The stock of Ardmore Shipping Corporation (NYSE:ASC) registered an increase of 13.38% in short interest. ASC’s total short interest was 1.46 million shares in September as published by FINRA. Its up 13.38% from 1.29M shares, reported previously. With 100,000 shares average volume, it will take short sellers 15 days to cover their ASC’s short positions. The short interest to Ardmore Shipping Corporation’s float is 4.42%.

The stock decreased 2.27% or $0.15 during the last trading session, reaching $6.45. About 93,845 shares traded. Ardmore Shipping Corporation (NYSE:ASC) has declined 11.41% since September 16, 2017 and is downtrending. It has underperformed by 27.03% the S&P500.

Ardmore Shipping Corporation, together with its subsidiaries, engages in the seaborne transportation of petroleum products and chemicals through product and chemical tankers worldwide. The company has market cap of $213.48 million. As of December 31, 2016, the firm operated 27 vessels. It currently has negative earnings. It serves oil majors, oil companies, oil and chemical traders, and chemical companies.

Ardmore Shipping Corporation (NYSE:ASC) Ratings Coverage

Among 2 analysts covering Ardmore Shipping (NYSE:ASC), 1 have Buy rating, 0 Sell and 1 Hold. Therefore 50% are positive. Ardmore Shipping had 2 analyst reports since March 23, 2018 according to SRatingsIntel. The stock of Ardmore Shipping Corporation (NYSE:ASC) earned “Equal-Weight” rating by Morgan Stanley on Wednesday, August 1. The company was maintained on Friday, March 23 by JP Morgan.

Ardmore Shipping Corporation (NYSE:ASC) Ratings Chart

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