ASP Isotopes (NASDAQ:ASPI) announced disappointing earnings results on September 30, 2023, reporting a loss of $0.15 earnings per share (EPS) for the quarter. This figure fell short of analysts’ expectations, which had set the consensus estimate at $0.10, resulting in a miss of $0.05. The company also recorded a strikingly negative return on equity of 239.22% and an alarming net margin of -2,181.62%.
The market reacted to these results with a decline in share price. ASP Isotopes stock fell by $0.13 during trading on the release day, settling at $7.50. The trading volume reached 4,685,866 shares, which was notably higher than its average volume of 4,326,196. Over the past twelve months, the stock has fluctuated significantly, with a low of $3.65 and a high of $14.49. Currently, the company’s 50-day moving average stands at $9.62 and its 200-day moving average at $8.80.
Analyst Perspectives and Stock Ratings
Following the earnings announcement, analysts shared their insights. Canaccord Genuity Group reaffirmed a “buy” rating for ASP Isotopes, setting a price target of $11.00 on September 17, 2023. Loop Capital also expressed optimism, establishing a price objective of $15.00 in a report on October 27, 2023. In contrast, Weiss Ratings maintained a “sell (e+)” rating on October 30, 2023. The mixed reviews resulted in an average rating of “Hold” for the stock, with an average target price set at $13.00 according to MarketBeat.com.
Insider Trading Activity
In related news, insider trading activity has been notable. On September 30, 2023, Director Michael Gorley sold 64,000 shares at an average price of $9.75, amounting to a total of $624,000. Following the sale, Gorley retained 81,360 shares valued at approximately $793,260, reflecting a 44.03% decrease in his ownership. This transaction was disclosed in a legal filing with the SEC.
Furthermore, CEO Robert Ainscow sold 22,500 shares on October 14, 2023, at an average price of $13.60, resulting in proceeds of $306,000. Post-sale, Ainscow continues to own 1,647,193 shares valued at around $22,401,824.80, representing a modest decrease in ownership of 1.35%. Over the past 90 days, insiders have sold a total of 406,199 shares, valued at $3,718,977, with corporate insiders holding 21.40% of the company’s stock.
It is noteworthy that several institutional investors have altered their holdings in ASP Isotopes recently. For instance, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake by 9.4% in the first quarter, now owning 31,613 shares worth approximately $148,000. Rhumbline Advisers also raised its holdings by 20.9%, acquiring an additional 13,668 shares, bringing its total to 78,994 shares valued at $581,000.
Overall, institutional investors now possess 16.80% of ASP Isotopes, reflecting ongoing interest in the company despite the recent earnings miss.
ASP Isotopes Inc. operates as a development-stage advanced materials company, focusing on the production and sale of isotopes, including Molybdenum-100 for the medical industry, Carbon-14, and Silicon-28. The company is advancing its Quantum Enrichment technology to produce various isotopes, which are crucial for multiple applications.
