Ascent Industries (NASDAQ:ACNT) Stock Price Up 0.6% - What's Next?

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report)'s stock price rose 0.6% during mid-day trading on Wednesday . The stock traded as high as $11.29 and last traded at $11.29. Approximately 15,335 shares traded hands during trading, a decline of 40% from the average daily volume of 25,593 shares. The stock had previously closed at $11.22.

Ascent Industries Stock Performance

The firm has a market capitalization of $112.50 million, a P/E ratio of -65.59 and a beta of 0.83. 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 company has a 50-day moving average of $11.34 and a 200-day moving average of $10.34.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.08) earnings per share for the quarter. Ascent Industries had a negative return on equity of 12.48% and a negative net margin of 0.80%. The business had revenue of $42.90 million during the quarter.

Insiders Place Their Bets

In other Ascent Industries news, VP Ravi Ramesh Srinivas bought 4,000 shares of Ascent Industries stock in a transaction dated Friday, December 20th. The stock was 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 directly owns 4,000 shares in the company, valued at approximately $44,840. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.85% of the company's stock.

Hedge Funds Weigh In On Ascent Industries

Institutional investors have recently bought and sold shares of the company. Essex Investment Management Co. LLC purchased a new position in Ascent Industries in the third quarter valued at approximately $132,000. Values Added Financial LLC purchased a new position in Ascent Industries in the third quarter valued at approximately $133,000. Empowered Funds LLC lifted its position in shares of Ascent Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 42,644 shares of the company's stock worth $414,000 after acquiring an additional 2,144 shares in the last quarter. AMH Equity Ltd purchased a new stake in shares of Ascent Industries during the fourth quarter worth $671,000. Finally, HighTower Advisors LLC lifted its position in shares of Ascent Industries by 1.3% during the fourth quarter. HighTower Advisors LLC now owns 83,231 shares of the company's stock worth $931,000 after acquiring an additional 1,083 shares in the last quarter. Hedge funds and other institutional investors own 26.05% of the company's stock.

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.