Ascent Industries Co. (NASDAQ:ACNT) is seeing a large increase in short interest

Ascent Industries Co. (NASDAQ:ACNT – Get Free Report ) was the beneficiary of a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 7,000 shares, an increase of 18.6% from August 31st’s total of 5,900 shares. About 0.1% of the stock’s shares are short sold. Based on an average daily volume of 38,800 shares, the days-to-cover ratio is currently 0.2 days.

Ascent Industries trading down 4.9%

Shares of NASDAQ ACNT opened at $9.38 on Friday. The company’s 50-day moving average is $9.89, and its two-hundred-day moving average is $10.08. 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 $94.93 million, a P/E ratio of -3.50 and a beta of 0.79.

Ascent Industries (NASDAQ:ACNT – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.02) earnings per share for the quarter. Ascent Industries had a negative return on equity of 12.99% and a negative net margin of 6.89%. The company had revenue of $50.19 million for the quarter.

Insider trading at Ascent Industries

In other news, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction dated 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 directly owns 8,648 shares of the company’s stock, valued at $71,086.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, insider Privet Fund Management Llc sold 1,665,000 shares of Ascent Industries stock in a transaction dated 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 directly owns 8,648 shares of the company’s stock, valued at $71,086.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, CEO John Bryan Kitchen purchased 11,170 shares of Ascent Industries stock in a transaction dated Friday, September 20th. The shares were purchased at an average cost of $8.61 per share, for a total transaction of $96,173.70. Following the completion of the acquisition, the chief executive officer now directly owns 50,841 shares of the company’s stock, valued at approximately $437,741.01. Disclosure for this purchase can be found here. Insiders own 12.85% of the company’s shares.

Institutional investors weigh in on Ascent Industries

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Ascent Industries by 4.3% in the first 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 in the last quarter. Empowered Funds LLC boosted its stake in Ascent Industries by 8.0% in the first 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. Finally, Perritt Capital Management Inc. raised 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 worth $208,000 after purchasing an additional 5,402 shares in the last quarter. 26.05% of shares are held by institutional investors.

About Ascent Industries

(Get a free report)

Ascent Industries Co an industrial company, manufactures and distributes stainless steel pipe and tubing and specialty chemicals in the United States and internationally. The company operates through two segments, Tubular Products and Specialty Chemicals. Manufactures pipes and welded pipes, mainly stainless steel, duplex and nickel alloys; and ornamental stainless steel tubing for automotive, commercial transportation, marine, food service, construction, furniture, healthcare and other industries.

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