Performance Shipping (NASDAQ:PSHG) Trading Down 0.5% – Here’s What Happened
by Scott Moore · The Cerbat GemPerformance Shipping Inc. (NASDAQ:PSHG – Get Free Report) fell 0.5% during trading on Monday . The company traded as low as $1.88 and last traded at $1.90. 38,683 shares were traded during trading, a decline of 56% from the average session volume of 87,617 shares. The stock had previously closed at $1.91.
Analysts Set New Price Targets
Separately, Weiss Ratings restated a “hold (c)” rating on shares of Performance Shipping in a research report on Friday, March 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Performance Shipping has an average rating of “Hold”.
Get Our Latest Stock Analysis on Performance Shipping
Performance Shipping Stock Performance
The stock has a market capitalization of $23.00 million, a P/E ratio of 1.45 and a beta of -0.22. The stock has a 50-day simple moving average of $2.04 and a 200 day simple moving average of $2.09.
Performance Shipping (NASDAQ:PSHG – Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $26.16 million for the quarter, compared to analyst estimates of $23.57 million. Performance Shipping had a return on equity of 15.90% and a net margin of 59.37%.
Institutional Inflows and Outflows
A hedge fund recently raised its stake in Performance Shipping stock. Renaissance Technologies LLC raised its position in Performance Shipping Inc. (NASDAQ:PSHG – Free Report) by 39.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 189,948 shares of the company’s stock after buying an additional 53,248 shares during the period. Renaissance Technologies LLC owned about 1.53% of Performance Shipping worth $405,000 as of its most recent filing with the SEC. 19.90% of the stock is owned by hedge funds and other institutional investors.
About Performance Shipping
Performance Shipping Inc, incorporated in the Republic of the Marshall Islands and trading on NASDAQ under the ticker PSHG, is a publicly listed dry bulk shipping company. The company owns and operates a modern fleet of Supramax and Ultramax vessels, which are well-suited for the seaborne transportation of a wide range of dry bulk commodities. Performance Shipping’s vessels carry cargoes such as grains, coal, iron ore, steel products and fertilizer under medium‐ to long‐term time charter agreements with a diverse set of global charterers.
Since completing its initial public offering in late 2014, Performance Shipping has focused on disciplined growth through vessel acquisitions and the renewal of charter contracts to maintain steady cash flows.