Performance Shipping (NASDAQ:PSHG) Shares Up 2.9% – Here’s Why

Shares of Performance Shipping Inc. (NASDAQ:PSHG) were up 2.9% during mid-day trading on Tuesday . The stock traded as high as $2.15 and last traded at $2.10. Approximately 33,386 shares were traded during trading, a decline of 40% from the average daily volume of 55,432 shares. The stock had previously closed at $2.04.

Analyst Upgrades and Downgrades

PSHG has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Performance Shipping in a research report on Monday, December 29th. Wall Street Zen raised shares of Performance Shipping to a “hold” rating in a research note on Saturday, December 13th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold”.

Performance Shipping Stock Performance

The company has a quick ratio of 7.35, a current ratio of 7.40 and a debt-to-equity ratio of 0.71. The stock has a fifty day moving average price of $2.20 and a two-hundred day moving average price of $2.01. The company has a market capitalization of $26.11 million, a price-to-earnings ratio of 1.57 and a beta of -0.31.

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

Institutional Trading of Performance Shipping

A hedge fund recently bought a new stake 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 the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned 0.89% of Performance Shipping as of its most recent SEC filing. 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.