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

Ascent Industries Co. (NASDAQ:ACNT) saw a large increase in short interest in 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. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 33,700 shares, the days-to-cover ratio is presently 1.2 days.

Insider Transactions at Ascent Industries

In other Ascent Industries news, VP Ravi Ramesh Srinivas bought 4,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were acquired at an average cost of $11.21 per share, for a total transaction of $44,840.00. Following the transaction, the vice president now owns 4,000 shares in the company, valued at approximately $44,840. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On Ascent Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACNT. HighTower Advisors LLC lifted its position in shares of Ascent Industries by 1.3% during the fourth quarter. HighTower Advisors LLC now owns 83,231 shares of the company’s stock worth $931,000 after purchasing an additional 1,083 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Ascent Industries by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 93,322 shares of the company’s stock worth $1,044,000 after purchasing an additional 1,869 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Ascent Industries by 4.8% during the fourth quarter. Empowered Funds LLC now owns 44,693 shares of the company’s stock worth $500,000 after purchasing an additional 2,049 shares in the last quarter. De Lisle Partners LLP lifted its position in shares of 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 in the last quarter. Finally, Values Added Financial LLC acquired a new position in shares of Ascent Industries during the third quarter worth approximately $133,000. 26.05% of the stock is currently owned by institutional investors and hedge funds.

Ascent Industries Price Performance

Shares of Ascent Industries stock opened at $11.00 on Thursday. The firm has a market cap of $110.99 million, a P/E ratio of -64.71 and a beta of 0.83. Ascent Industries has a twelve month low of $8.16 and a twelve month high of $12.38. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.81 and a current ratio of 3.77. The firm’s 50-day simple moving average is $11.32 and its 200-day simple moving average is $10.36.

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

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.