Long Position on ASC @ $18.00 on 2/22/2023 (Momentum)

Ardmore Shipping Corporation (ASC) engages in the seaborne transportation of petroleum products and chemicals worldwide. 

As of February 15, 2022, the company operated a fleet of 25 double-hulled product and chemical tankers.

It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers. 

On February 14th, ASC reported Quarter December 2022 earnings of $1.30 per share on revenue of $132.8 million. The consensus earnings estimate was $1.28 per share on revenue of $87.8 million. Revenue grew 153.2% on a year-over-year basis.

Shares have formed a bullish "flag" following the report and higher share prices are expected.

Entry Point: $18.00

Stop Loss: $17:00

Trading Range: $3.81 to $19.20

Target Price: $20.00

Updates

3/13/2023 9:25:06 PM

ASC closed at $17.

Position closed on 3/14/2023 at price of $17.00 with a -5.56% loss in 19 days.

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