Short Interest in Ascent Industries Co. (NASDAQ:ACNT) Rises By 186.6%

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 34,100 shares, an increase of 186.6% from the November 30th total of 11,900 shares. Currently, 0.4% of the company’s stock are short sold. Based on an average daily trading volume, of 36,100 shares, the days-to-cover ratio is presently 0.9 days.

Insider Activity at Ascent Industries

In other Ascent Industries news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the stock in a transaction dated Friday, December 20th. The shares were bought at an average cost of $11.21 per share, for a total transaction of $44,840.00. Following the completion of the acquisition, the vice president now directly owns 4,000 shares of the company’s stock, valued at approximately $44,840. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.85% of the stock is owned by insiders.

Institutional Trading of Ascent Industries

Several institutional investors and hedge funds have recently bought and sold shares of ACNT. Essex Investment Management Co. LLC acquired a new position in shares of Ascent Industries during the 3rd quarter worth approximately $132,000. Values Added Financial LLC acquired a new stake in shares of Ascent Industries in the third quarter valued at approximately $133,000. Empowered Funds LLC boosted its stake in shares of Ascent Industries by 5.3% during 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 during the period. Finally, De Lisle Partners LLP boosted its position in Ascent Industries by 5.5% during the third quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after purchasing an additional 10,349 shares during the period. Institutional investors own 26.05% of the company’s stock.

Ascent Industries Stock Down 0.7 %

Shares of ACNT stock opened at $11.28 on Friday. The firm’s fifty day moving average price is $10.52 and its two-hundred day moving average price is $10.04. The company has a current ratio of 3.77, a quick ratio of 1.81 and a debt-to-equity ratio of 0.01. Ascent Industries has a 1 year low of $8.16 and a 1 year high of $12.38. The firm has a market capitalization of $113.85 million, a P/E ratio of -66.35 and a beta of 0.85.

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.