Yahoo Finance Ardmore Shipping (ASC) Outperforms Broader Market: What You Need to Know
Ardmore Shipping (ASC) closed the most recent trading day at $16.89, moving +1.62% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 1.02%. Meanwhile, the Dow experienced a rise of 0.4%, and the technology-dominated Nasdaq saw an increase of 2.03%.
Coming into today, shares of the shipping company had gained 1.22% in the past month. In that same time, the Transportation sector lost 7.09%, while the S&P 500 lost 3.15%.
Investors will be eagerly watching for the performance of Ardmore Shipping in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 8, 2024. The company is expected to report EPS of $0.87, down 16.35% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $73.58 million, down 9.91% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.72 per share and a revenue of $251.87 million, signifying shifts of +0.37% and -4.62%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Ardmore Shipping. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.82% higher. Right now, Ardmore Shipping possesses a Zacks Rank of #2 (Buy).
With respect to valuation, Ardmore Shipping is currently being traded at a Forward P/E ratio of 6.11. This represents a discount compared to its industry's average Forward P/E of 7.59.
The Transportation - Shipping industry is part of the Transportation sector. This group has a Zacks Industry Rank of 50, putting it in the top 20% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Ardmore Shipping Corporation (ASC) : Free Stock Analysis Report
