Performance Shipping (NASDAQ:PSHG) Trading Down 0.5% – Here’s What Happened

Performance Shipping Inc. (NASDAQ:PSHG) dropped 0.5% on Monday . The stock traded as low as $1.88 and last traded at $1.90. Approximately 38,683 shares changed hands during trading, a decline of 56% from the average daily volume of 87,617 shares. The stock had previously closed at $1.91.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Performance Shipping in a research note on Friday, March 27th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Performance Shipping has a consensus rating of “Hold”.

Performance Shipping Stock Down 0.5%

The stock’s 50-day moving average is $2.05 and its 200-day moving average is $2.09. The firm has a market cap of $23.62 million, a P/E ratio of 1.48 and a beta of -0.22.

Performance Shipping (NASDAQ:PSHG) last issued its quarterly earnings results on Wednesday, March 4th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates 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%.

Institutional Investors Weigh In On Performance Shipping

An institutional investor recently raised its position in Performance Shipping stock. Renaissance Technologies LLC increased its position in Performance Shipping Inc. (NASDAQ:PSHG) by 39.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 quarter. Institutional investors 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.