Performance Shipping (NASDAQ:PSHG) Trading Down 2.8% – Here’s Why

Performance Shipping Inc. (NASDAQ:PSHG) shares dropped 2.8% during mid-day trading on Wednesday . The company traded as low as $2.01 and last traded at $2.07. Approximately 67,974 shares traded hands during trading, an increase of 18% from the average daily volume of 57,777 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wall Street Zen upgraded Performance Shipping to a “hold” rating in a research report on Saturday, December 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Performance Shipping in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Performance Shipping has an average rating of “Hold”.

Performance Shipping Stock Performance

The firm has a market capitalization of $25.73 million, a P/E ratio of 1.54 and a beta of -0.31. The company has a debt-to-equity ratio of 0.71, a current ratio of 7.40 and a quick ratio of 7.35. The firm has a 50-day moving average price of $2.13 and a two-hundred day moving average price of $2.04.

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

Hedge Funds Weigh In On Performance Shipping

A hedge fund recently raised its stake in Performance Shipping stock. Renaissance Technologies LLC lifted its position in Performance Shipping Inc. (NASDAQ:PSHG) by 39.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,948 shares of the company’s stock after acquiring an additional 53,248 shares during the quarter. Renaissance Technologies LLC owned 1.53% of Performance Shipping worth $405,000 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.