Ascent Industries Co. (NASDAQ:ACNT) Sees Large Growth in Short Interest

Ascent Industries Co. (NASDAQ:ACNT) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 9,000 shares, a growth of 9.8% from the October 31st total of 8,200 shares. Based on an average daily volume of 55,400 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the shares of the stock are sold short.

Insider Buying and Selling

In other Ascent Industries news, insider Privet Fund Management Llc sold 1,665,000 shares of the firm’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 owns 8,648 shares of the company’s stock, valued at $71,086.56. This trade represents a 99.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John Bryan Kitchen purchased 11,170 shares of Ascent Industries stock in a transaction that occurred on Friday, September 20th. The stock was bought at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the purchase, the chief executive officer now directly owns 50,841 shares in the company, valued at $437,741.01. This trade represents a 28.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.85% of the stock is currently owned by company insiders.

Institutional Trading of Ascent Industries

Hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its stake in Ascent Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after purchasing an additional 2,144 shares during the last quarter. De Lisle Partners LLP lifted its holdings in Ascent Industries by 5.5% in the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock valued at $1,914,000 after purchasing an additional 10,349 shares in the last quarter. Vanguard Group Inc. raised 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 acquiring an additional 10,688 shares during the last quarter. Essex Investment Management Co. LLC acquired a new position in Ascent Industries during the third quarter worth $132,000. Finally, Values Added Financial LLC purchased a new stake in shares of Ascent Industries in the third quarter valued at about $133,000. 26.05% of the stock is owned by hedge funds and other institutional investors.

Ascent Industries Stock Down 0.4 %

Shares of NASDAQ:ACNT opened at $10.84 on Monday. Ascent Industries has a 52-week low of $7.20 and a 52-week high of $11.19. The company has a quick ratio of 1.81, a current ratio of 3.77 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $9.71 and its 200 day moving average is $9.86. The stock has a market cap of $109.38 million, a P/E ratio of -63.76 and a beta of 0.79.

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.