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

Ascent Industries Co. (NASDAQ:ACNT) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 12,800 shares, a growth of 178.3% from the September 30th total of 4,600 shares. Based on an average daily volume of 45,200 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.2% of the company’s stock are sold short.

Ascent Industries Price Performance

Shares of ACNT opened at $9.58 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.16 and a quick ratio of 1.45. Ascent Industries has a 1-year low of $7.20 and a 1-year high of $11.19. The stock has a market cap of $96.95 million, a PE ratio of -7.20 and a beta of 0.79. The firm has a fifty day moving average price of $9.62 and a 200 day moving average price of $9.92.

Ascent Industries (NASDAQ:ACNT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.02) earnings per share for the quarter. The firm had revenue of $50.19 million during the quarter. Ascent Industries had a negative net margin of 6.89% and a negative return on equity of 12.99%.

Insider Activity

In other news, CEO John Bryan Kitchen bought 11,170 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average price of $8.61 per share, for a total transaction of $96,173.70. Following the completion of the purchase, the chief executive officer now owns 50,841 shares in the company, valued at approximately $437,741.01. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Privet Fund Management Llc sold 1,665,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $8.22, for a total transaction of $13,686,300.00. Following the completion of the sale, the insider now owns 8,648 shares in the company, valued at approximately $71,086.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John Bryan Kitchen bought 11,170 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 50,841 shares in the company, valued at approximately $437,741.01. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On Ascent Industries

Large investors have recently modified their holdings of the company. Empowered Funds LLC increased its holdings 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 valued at $383,000 after acquiring an additional 2,800 shares during the period. Vanguard Group Inc. grew its position in Ascent Industries by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 256,736 shares of the company’s stock worth $2,616,000 after purchasing an additional 10,688 shares during the last quarter. Perritt Capital Management Inc. increased its stake in Ascent Industries by 36.0% in the first quarter. Perritt Capital Management Inc. now owns 20,402 shares of the company’s stock valued at $208,000 after purchasing an additional 5,402 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of Ascent Industries in the third quarter valued at about $132,000. 26.05% of the stock is owned by institutional investors and hedge funds.

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.