Performance Shipping (NASDAQ:PSHG) Trading Up 0.9% – Here’s What Happened

Shares of Performance Shipping Inc. (NASDAQ:PSHG) rose 0.9% during trading on Monday . The stock traded as high as $2.25 and last traded at $2.21. Approximately 33,301 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 96,411 shares. The stock had previously closed at $2.19.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Performance Shipping in a report on Monday, December 29th. Wall Street Zen upgraded Performance Shipping to a “hold” rating in a research report on Saturday, December 13th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Performance Shipping Stock Up 0.9%

The business’s fifty day moving average is $2.21 and its two-hundred day moving average is $1.98. The stock has a market cap of $27.47 million, a price-to-earnings ratio of 1.65 and a beta of -0.31. The company has a quick ratio of 7.35, a current ratio of 7.40 and a debt-to-equity ratio of 0.71.

Performance Shipping (NASDAQ:PSHG) last released its earnings results on Tuesday, December 2nd. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.14). The business had revenue of $18.54 million for the quarter, compared to analyst estimates of $18.60 million. Performance Shipping had a return on equity of 17.24% and a net margin of 65.40%.

Institutional Investors Weigh In On Performance Shipping

An institutional investor recently bought a new position in Performance Shipping stock. Citadel Advisors LLC purchased a new stake in Performance Shipping Inc. (NASDAQ:PSHG) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned approximately 0.89% of Performance Shipping 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.