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

Ascent Industries Co. (NASDAQ:ACNT) was the target of a significant growth in short interest during the month of 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. Approximately 0.4% of the company’s shares are short sold. Based on an average daily volume of 36,100 shares, the days-to-cover ratio is currently 0.9 days.

Insider Transactions at Ascent Industries

In other news, VP Ravi Ramesh Srinivas bought 4,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average cost of $11.21 per share, with a total value of $44,840.00. Following the transaction, the vice president now owns 4,000 shares of the company’s stock, valued at $44,840. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 12.85% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. De Lisle Partners LLP raised its position in Ascent Industries by 5.5% in the third quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock valued at $1,914,000 after purchasing an additional 10,349 shares during the period. Empowered Funds LLC raised its position in Ascent Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 42,644 shares of the company’s stock valued at $414,000 after purchasing an additional 2,144 shares during the period. Values Added Financial LLC purchased a new position in Ascent Industries in the third quarter valued at about $133,000. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of Ascent Industries during the third quarter worth about $132,000. 26.05% of the stock is owned by hedge funds and other institutional investors.

Ascent Industries Stock Down 0.7 %

NASDAQ:ACNT traded down $0.08 during mid-day trading on Friday, hitting $11.28. The company had a trading volume of 29,682 shares, compared to its average volume of 23,712. The business has a fifty day simple moving average of $10.48 and a 200-day simple moving average of $10.03. 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 price-to-earnings 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.