The stock of Ardmore Shipping Corp (NYSE:ASC) reached all time low today, Oct, 31 and still has $5.38 target or 11.00% below today’s $6.05 share price. This indicates more downside for the $197.63 million company. This technical setup was reported by Barchart.com. If the $5.38 PT is reached, the company will be worth $21.74 million less.
Trading stocks at an all time low is not easy. Stock at an all time low usually experience even more downside due to very negative fundament. Even thought the pullback rate is high, shorting is not an easy job because the risk of being wrong is big and the risk-reward ratio is always worse than if trading lon only. About 155,990 shares traded hands. Ardmore Shipping Corp (NYSE:ASC) has declined 22.02% since March 29, 2016 and is downtrending. It has underperformed by 25.49% the S&P500.
Ardmore Shipping Corp (NYSE:ASC) Ratings Coverage
Out of 7 analysts covering Ardmore Shipping Corporation (NYSE:ASC), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. Ardmore Shipping Corporation has been the topic of 9 analyst reports since October 29, 2015 according to StockzIntelligence Inc. The rating was upgraded by ABN Amro to “Hold” on Friday, July 1. Morgan Stanley downgraded Ardmore Shipping Corp (NYSE:ASC) on Thursday, August 25 to “Equal-Weight” rating. On Tuesday, December 15 the stock rating was initiated by Deutsche Bank with “Buy”. The rating was reinitiated by Seaport Global on Wednesday, May 4 with “Buy”. JP Morgan maintained Ardmore Shipping Corp (NYSE:ASC) on Thursday, April 7 with “Overweight” rating. The stock of Ardmore Shipping Corp (NYSE:ASC) has “Buy” rating given on Wednesday, July 27 by Jefferies. The rating was upgraded by Seaport Global on Thursday, November 5 to “Speculative Buy”.
According to Zacks Investment Research, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland.”
More news for Ardmore Shipping Corp (NYSE:ASC) were recently published by: Fool.com, which released: “Ardmore Shipping Corp Sinks on a Discounted Stock Offering” on June 08, 2016. Prnewswire.com‘s article titled: “Ardmore Shipping Corporation Announces the Delivery of the Ardmore Chippewa …” and published on November 20, 2015 is yet another important article.
ASC Company Profile
Ardmore Shipping Corporation, incorporated on May 14, 2013, provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the activities of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation. The Company’s vessels include Ardmore Seavaliant, Ardmore Seaventure, Ardmore Seavantage, Ardmore Seavanguard, Ardmore Sealion, Ardmore Seafox, Ardmore Seahawk, Ardmore Endeavour, Ardmore Seafarer, Ardmore Seatrader, Ardmore Seamaster and Ardmore Sealeader.
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