Ascent Industries Co. (NASDAQ:ACNT) Short Interest Update

Ascent Industries Co. (NASDAQ:ACNT) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 12,800 shares, an increase of 178.3% from the September 30th total of 4,600 shares. Approximately 0.2% of the shares of the company are sold short. Based on an average daily volume of 45,200 shares, the short-interest ratio is currently 0.3 days.

Insiders Place Their Bets

In related news, insider Privet Fund Management Llc sold 1,665,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $8.22, for a total transaction of $13,686,300.00. Following the completion of the transaction, the insider now owns 8,648 shares in the company, valued at approximately $71,086.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO John Bryan Kitchen bought 11,170 shares of the stock in a transaction on Friday, September 20th. The shares were purchased at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the completion of the purchase, the chief executive officer now directly owns 50,841 shares in the company, valued at $437,741.01. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Privet Fund Management Llc sold 1,665,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $8.22, for a total value of $13,686,300.00. Following the transaction, the insider now directly owns 8,648 shares in the company, valued at $71,086.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ACNT. Essex Investment Management Co. LLC bought a new position in shares of Ascent Industries in the third quarter valued at approximately $132,000. Perritt Capital Management Inc. boosted its holdings in Ascent Industries by 36.0% in the 1st quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock valued at $208,000 after purchasing an additional 5,402 shares during the period. Vanguard Group Inc. boosted its holdings in Ascent Industries by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock valued at $2,616,000 after purchasing an additional 10,688 shares during the period. Finally, Empowered Funds LLC grew its position in shares of Ascent Industries by 8.0% during the 1st quarter. Empowered Funds LLC now owns 37,620 shares of the company’s stock valued at $383,000 after purchasing an additional 2,800 shares in the last quarter. Hedge funds and other institutional investors own 26.05% of the company’s stock.

Ascent Industries Trading Up 0.1 %

Shares of Ascent Industries stock opened at $9.58 on Monday. The stock has a market capitalization of $97.05 million, a P/E ratio of -3.57 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.45 and a current ratio of 3.16. The stock’s 50-day simple moving average is $9.62 and its 200 day simple moving average is $9.91. Ascent Industries has a 52-week low of $7.20 and a 52-week high of $11.19.

Ascent Industries (NASDAQ:ACNT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.02) earnings per share (EPS) for the quarter. The company had revenue of $50.19 million for the quarter. Ascent Industries had a negative return on equity of 12.99% and a negative net margin of 6.89%.

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.