Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Grows By 178.3%

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a large increase in short interest in 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 stock are short sold. Based on an average daily volume of 45,200 shares, the short-interest ratio is presently 0.3 days.

Insider Buying and Selling at Ascent Industries

In related news, insider Privet Fund Management Llc sold 1,665,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $8.22, for a total value of $13,686,300.00. Following the sale, the insider now owns 8,648 shares in the company, valued at approximately $71,086.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO John Bryan Kitchen acquired 11,170 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were purchased at an average price of $8.61 per share, for a total transaction of $96,173.70. Following the completion of the acquisition, the chief executive officer now owns 50,841 shares in the company, valued at approximately $437,741.01. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Privet Fund Management Llc sold 1,665,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 8,648 shares of the company’s stock, valued at approximately $71,086.56. This trade 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.

Hedge Funds Weigh In On Ascent Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Empowered Funds LLC raised its position in shares of Ascent Industries by 8.0% in the 1st quarter. Empowered Funds LLC now owns 37,620 shares of the company’s stock worth $383,000 after acquiring an additional 2,800 shares in the last quarter. Perritt Capital Management Inc. grew its position in shares of Ascent Industries by 36.0% in the 1st quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock worth $208,000 after buying an additional 5,402 shares during the period. Vanguard Group Inc. increased its stake in shares of Ascent Industries by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock worth $2,616,000 after acquiring an additional 10,688 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in Ascent Industries during the third quarter worth about $132,000. Institutional investors own 26.05% of the company’s stock.

Ascent Industries Trading Up 0.1 %

Shares of ACNT opened at $9.58 on Friday. The firm has a fifty day simple moving average of $9.62 and a two-hundred day simple moving average of $9.91. Ascent Industries has a twelve month low of $7.20 and a twelve month high of $11.19. The stock has a market capitalization of $96.95 million, a P/E ratio of -7.20 and a beta of 0.79. The company has a quick ratio of 1.45, a current ratio of 3.16 and a debt-to-equity ratio of 0.01.

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 business had revenue of $50.19 million during the quarter. Ascent Industries had a negative return on equity of 12.99% and a negative net margin of 6.89%.

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.