Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Increases By 81.8%

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 42,000 shares, an increase of 81.8% from the January 15th total of 23,100 shares. Based on an average daily volume of 33,700 shares, the days-to-cover ratio is presently 1.2 days. Approximately 0.5% of the shares of the stock are short sold.

Ascent Industries Stock Performance

Shares of Ascent Industries stock opened at $11.04 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.81. The firm has a 50 day simple moving average of $11.30 and a 200 day simple moving average of $10.36. Ascent Industries has a fifty-two week low of $8.16 and a fifty-two week high of $12.38. The firm has a market cap of $111.43 million, a P/E ratio of -64.94 and a beta of 0.83.

Ascent Industries (NASDAQ:ACNT) last released its earnings results on Tuesday, November 12th. The company reported ($0.08) EPS for the quarter. Ascent Industries had a negative net margin of 0.80% and a negative return on equity of 12.48%. The firm had revenue of $42.90 million during the quarter.

Insider Buying and Selling at Ascent Industries

In related news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the stock in a transaction on Friday, December 20th. The stock was purchased at an average price of $11.21 per share, for a total transaction of $44,840.00. Following the transaction, the vice president now owns 4,000 shares of the company’s stock, valued at $44,840. The trade was a ? increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.85% of the company’s stock.

Institutional Trading of Ascent Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Values Added Financial LLC acquired a new position in Ascent Industries during the 3rd quarter valued at about $133,000. Empowered Funds LLC raised its stake in shares of Ascent Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock worth $414,000 after buying an additional 2,144 shares during the last quarter. AMH Equity Ltd acquired a new position in Ascent Industries in the fourth quarter valued at approximately $671,000. HighTower Advisors LLC boosted its stake in Ascent Industries by 1.3% in the fourth quarter. HighTower Advisors LLC now owns 83,231 shares of the company’s stock valued at $931,000 after acquiring an additional 1,083 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Ascent Industries by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company’s stock valued at $1,044,000 after acquiring an additional 1,869 shares during the last quarter. 26.05% of the stock is currently owned by institutional investors and hedge funds.

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.