Ardmore Shipping Drops 8.98% as Foundry Partners Reduces Stake

Ardmore Shipping Corporation (ASC) shares plummeted 8.98% today, marking the lowest level since August 2022, with an intraday decline of 9.63%.

Foundry Partners LLC reduced its stake in Ardmore Shipping by 28.8% during the fourth quarter. This significant reduction in ownership could influence investor perception and potentially impact the stock price. Such a move by a major shareholder often signals a shift in confidence or strategy, which can ripple through the market and affect trading behavior.

Ardmore Shipping's short interest data reveals a decrease from 2,200,000 shares to 1,850,000 shares, a reduction of 15.91%. This decline in short interest suggests a shift in market sentiment, as fewer investors are betting against the stock. This change could indicate growing optimism or a stabilization in the company's outlook, which might contribute to the recent volatility in the stock price.