Ascent Industries Co. (NASDAQ:ACNT) Short Interest Up 178.3% in October

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 12,800 shares, an increase of 178.3% from the September 30th total of 4,600 shares. Currently, 0.2% of the company's shares are sold short. Based on an average trading volume of 45,200 shares, the days-to-cover ratio is presently 0.3 days.

Ascent Industries Price Performance

NASDAQ ACNT traded up $0.01 during mid-day trading on Friday, hitting $9.58. The stock had a trading volume of 35,005 shares, compared to its average volume of 20,095. The company has a 50 day simple moving average of $9.62 and a 200 day simple moving average of $9.91. The company has a market cap of $96.95 million, a price-to-earnings ratio of -7.20 and a beta of 0.79. Ascent Industries has a 52-week low of $7.20 and a 52-week high of $11.19. The company has a quick ratio of 1.45, a current ratio of 3.16 and a debt-to-equity ratio of 0.01.

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

Insiders Place Their Bets

In other news, CEO John Bryan Kitchen acquired 11,170 shares of the company's stock in a transaction dated Friday, September 20th. The stock was acquired at an average cost of $8.61 per share, with a total value of $96,173.70. Following the completion of the purchase, the chief executive officer now owns 50,841 shares of the company's stock, valued at $437,741.01. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Privet Fund Management Llc sold 1,665,000 shares of the business's 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 completion of the sale, the insider now directly owns 8,648 shares of the company's stock, valued at approximately $71,086.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Bryan Kitchen acquired 11,170 shares of Ascent Industries stock in a transaction on Friday, September 20th. The shares were bought at an average cost of $8.61 per share, with a total value of $96,173.70. Following the completion of the purchase, the chief executive officer now owns 50,841 shares in the company, valued at $437,741.01. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Ascent Industries by 4.3% during the first quarter. Vanguard Group Inc. now owns 256,736 shares of the company's stock valued at $2,616,000 after acquiring an additional 10,688 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Ascent Industries by 8.0% in the first quarter. Empowered Funds LLC now owns 37,620 shares of the company's stock valued at $383,000 after buying an additional 2,800 shares in the last quarter. Essex Investment Management Co. LLC bought a new position in shares of Ascent Industries in the third quarter valued at $132,000. Finally, Perritt Capital Management Inc. grew its position in Ascent Industries by 36.0% during the 1st 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 the stock is owned by hedge funds and other institutional investors.

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.