Performance Shipping (NASDAQ:PSHG) Trading 0.6% Higher – Here’s What Happened

Performance Shipping Inc. (NASDAQ:PSHG)’s share price traded up 0.6% during mid-day trading on Tuesday . The stock traded as high as $1.79 and last traded at $1.78. 30,651 shares traded hands during trading, a decline of 52% from the average session volume of 63,323 shares. The stock had previously closed at $1.77.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Performance Shipping from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Performance Shipping has an average rating of “Hold”.

Performance Shipping Trading Up 0.6%

The firm has a market capitalization of $22.13 million, a price-to-earnings ratio of 1.39 and a beta of -0.11. The company has a current ratio of 2.22, a quick ratio of 2.18 and a debt-to-equity ratio of 0.65. The company has a fifty day moving average price of $1.97 and a 200-day moving average price of $2.08.

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. Performance Shipping had a return on equity of 15.90% and a net margin of 59.37%.The business had revenue of $26.16 million during the quarter, compared to analyst estimates of $23.57 million.

Institutional Investors Weigh In On Performance Shipping

An institutional investor recently raised its position in Performance Shipping stock. Renaissance Technologies LLC increased its stake in Performance Shipping Inc. (NASDAQ:PSHG) by 39.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 189,948 shares of the company’s stock after purchasing an additional 53,248 shares during the quarter. Renaissance Technologies LLC owned approximately 1.53% of Performance Shipping worth $405,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 19.90% of the company’s stock.

Performance Shipping Company Profile

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.