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

Ascent Industries Co. (NASDAQ:ACNT) was the target of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 25,100 shares, a decline of 26.4% from the December 15th total of 34,100 shares. Based on an average trading volume of 38,400 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.3% of the shares of the stock are sold short.

Ascent Industries Stock Performance

Ascent Industries stock opened at $11.15 on Friday. The firm has a market capitalization of $112.50 million, a P/E ratio of -65.59 and a beta of 0.83. The stock has a fifty day moving average price of $11.02 and a two-hundred day moving average price of $10.17. Ascent Industries has a 52-week low of $8.16 and a 52-week high of $12.38. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.77 and a quick ratio of 1.81.

Insider Activity at Ascent Industries

In related news, VP Ravi Ramesh Srinivas bought 4,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was acquired at an average price of $11.21 per share, for a total transaction of $44,840.00. Following the transaction, the vice president now directly owns 4,000 shares of the company’s stock, valued at $44,840. This represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ascent Industries

A number of hedge funds have recently made changes to their positions in ACNT. De Lisle Partners LLP boosted its position in Ascent Industries by 5.5% in the third quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock valued at $1,914,000 after buying an additional 10,349 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Ascent Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock worth $414,000 after acquiring an additional 2,144 shares in the last quarter. Values Added Financial LLC acquired a new stake in Ascent Industries during the 3rd quarter valued at $133,000. Finally, Essex Investment Management Co. LLC bought a new position in Ascent Industries in the 3rd quarter valued at $132,000. Institutional investors and hedge funds own 26.05% of the company’s stock.

About Ascent Industries

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.