5 Best Multibagger Stocks to Buy Now

4. Ardmore Shipping Corporation (NYSE:ASC)

1-Year Share Price Gain as of December 13: 312.77%

Number of Hedge Fund Holders: 17

Ardmore Shipping Corporation (NYSE:ASC) is a Bermuda-based company that engages in the seaborne transportation of petroleum products and chemicals worldwide. It serves oil majors, oil and chemical traders, and pooling service providers. On November 3, Ardmore Shipping Corporation (NYSE:ASC) announced that it plans to initiate a quarterly cash dividend as a component of the company’s capital allocation policy. The dividend is expected to commence with the quarter ending December 31, 2022. With shares up nearly 313% over the last year as of December 13, Ardmore Shipping Corporation (NYSE:ASC) is one of the top multibagger stocks to consider. 

On November 29, Jefferies analyst Omar Nokta raised the price target on Ardmore Shipping Corporation (NYSE:ASC) to $17 from $16 and kept a Buy rating on the shares. He lifted estimates and price targets across his tanker coverage, citing the view that the sector’s earnings power has “strengthened materially” as charterers prepare for an EU ban on Russian crude oil imports. All tanker segments are “positioned for outsized earnings,” the analyst contended.

According to Insider Monkey’s data, 17 hedge funds were bullish on Ardmore Shipping Corporation (NYSE:ASC) at the end of September 2022, compared to 13 funds in the prior quarter. Israel Englander’s Millennium Management is the biggest position holder in the company, with 1.5 million shares worth $14 million. 

Follow Ardmore Shipping Corp (NYSE:ASC)