Performance Shipping (NASDAQ:PSHG) Shares Down 5.9% – What’s Next?
by Mitch Edgeman · The Markets DailyShares of Performance Shipping Inc. (NASDAQ:PSHG – Get Free Report) traded down 5.9% during trading on Wednesday . The company traded as low as $1.68 and last traded at $1.6850. 130,263 shares traded hands during mid-day trading, an increase of 112% from the average daily volume of 61,374 shares. The stock had previously closed at $1.79.
Analyst Ratings Changes
Separately, Weiss Ratings raised shares of Performance Shipping from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, June 1st. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.
View Our Latest Report on PSHG
Performance Shipping Price Performance
The company has a market cap of $20.88 million, a PE ratio of 2.15 and a beta of -0.12. The stock has a 50-day moving average of $1.79 and a 200-day moving average of $2.01. The company has a quick ratio of 2.18, a current ratio of 2.22 and a debt-to-equity ratio of 0.94.
Performance Shipping (NASDAQ:PSHG – Get Free Report) last posted its earnings results on Tuesday, May 26th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The business had revenue of $33.77 million during the quarter, compared to analysts’ expectations of $31.48 million. Performance Shipping had a return on equity of 9.57% and a net margin of 31.85%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of PSHG. Renaissance Technologies LLC increased its position in shares of Performance Shipping by 11.3% in the first quarter. Renaissance Technologies LLC now owns 211,413 shares of the company’s stock worth $389,000 after purchasing an additional 21,465 shares during the last quarter. Citadel Advisors LLC bought a new stake in Performance Shipping during the third quarter valued at approximately $209,000. Finally, NewEdge Advisors LLC bought a new stake in Performance Shipping during the first quarter valued at approximately $226,000. Hedge funds and other institutional investors own 19.90% of the company’s stock.
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.