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

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

Insiders Place Their Bets

In other news, VP Ravi Ramesh Srinivas acquired 4,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was acquired at an average cost of $11.21 per share, with a total value of $44,840.00. Following the completion of the purchase, 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 document filed with the SEC, which is available at this link. 12.85% of the stock is owned by insiders.

Institutional Trading of Ascent Industries

Large investors have recently made changes to their positions in the company. Values Added Financial LLC purchased a new position in shares of Ascent Industries during the 3rd quarter worth approximately $133,000. Essex Investment Management Co. LLC acquired a new stake in shares of Ascent Industries in the 3rd quarter worth approximately $132,000. De Lisle Partners LLP grew its holdings in shares of Ascent Industries by 5.5% in the 3rd quarter. De Lisle Partners LLP now owns 197,824 shares of the company’s stock worth $1,914,000 after acquiring an additional 10,349 shares during the period. Finally, Empowered Funds LLC grew its holdings 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 worth $414,000 after acquiring an additional 2,144 shares during the period. 26.05% of the stock is owned by institutional investors and hedge funds.

Ascent Industries Stock Down 0.7 %

ACNT traded down $0.08 on Friday, hitting $11.28. 29,682 shares of the company were exchanged, compared to its average volume of 23,712. Ascent Industries has a twelve month low of $8.16 and a twelve month high of $12.38. The company has a market cap of $113.85 million, a price-to-earnings ratio of -66.35 and a beta of 0.85. The company has a current ratio of 3.77, a quick ratio of 1.81 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $10.48 and a two-hundred day moving average price of $10.03.

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.