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

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

Insider Buying and Selling

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

Institutional Trading of Ascent Industries

A number of hedge funds have recently bought and sold shares of the business. Essex Investment Management Co. LLC acquired a new stake in Ascent Industries during the third quarter worth about $132,000. Values Added Financial LLC purchased a new stake in shares of Ascent Industries in the 3rd quarter valued at approximately $133,000. Empowered Funds LLC grew its stake in shares of Ascent Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after buying an additional 2,144 shares during the period. Finally, De Lisle Partners LLP increased its holdings in shares of Ascent Industries by 5.5% during the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after buying an additional 10,349 shares during the last quarter. Institutional investors and hedge funds own 26.05% of the company’s stock.

Ascent Industries Price Performance

Shares of NASDAQ ACNT traded up $0.18 during midday trading on Thursday, hitting $11.19. The stock had a trading volume of 24,491 shares, compared to its average volume of 23,630. 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 stock has a 50 day simple moving average of $10.44 and a 200-day simple moving average of $10.02. The company has a market capitalization of $112.94 million, a PE ratio of -65.82 and a beta of 0.85. Ascent Industries has a 1 year low of $8.16 and a 1 year high of $12.38.

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.