Performance Shipping Inc. (NASDAQ:PSHG) Sees Significant Increase in Short Interest

Performance Shipping Inc. (NASDAQ:PSHG) was the target of a large increase in short interest in March. As of March 13th, there was short interest totaling 601,315 shares, an increase of 22.3% from the February 26th total of 491,502 shares. Based on an average trading volume of 305,720 shares, the short-interest ratio is currently 2.0 days. Approximately 4.9% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several research analysts recently issued reports on PSHG shares. Wall Street Zen raised shares of Performance Shipping to a “hold” rating in a research report on Saturday, December 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Performance Shipping in a research note on Friday. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Performance Shipping stock. Citadel Advisors LLC purchased a new position in shares of Performance Shipping Inc. (NASDAQ:PSHG) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned about 0.89% of Performance Shipping at the end of the most recent reporting period. 19.90% of the stock is currently owned by institutional investors.

Performance Shipping Price Performance

Shares of PSHG traded up $0.03 during trading hours on Tuesday, hitting $1.84. The stock had a trading volume of 42,452 shares, compared to its average volume of 131,632. The stock has a market capitalization of $22.87 million, a price-to-earnings ratio of 1.44 and a beta of -0.33. The company has a debt-to-equity ratio of 0.69, a current ratio of 7.40 and a quick ratio of 7.35. The company’s fifty day moving average is $2.09 and its two-hundred day moving average is $2.09. Performance Shipping has a 52 week low of $1.30 and a 52 week high of $2.58.

Performance Shipping (NASDAQ:PSHG) last announced its quarterly earnings results on Wednesday, March 4th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm had revenue of $26.16 million during the quarter, compared to the consensus estimate of $23.57 million. Performance Shipping had a net margin of 59.37% and a return on equity of 15.90%.

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.