Himalaya Shipping (NYSE:HSHP) Stock Price Down 5.9% – Here’s What Happened

Shares of Himalaya Shipping Ltd. (NYSE:HSHP) dropped 5.9% during mid-day trading on Thursday . The company traded as low as $14.53 and last traded at $14.3750. Approximately 68,051 shares traded hands during trading, a decline of 80% from the average daily volume of 338,901 shares. The stock had previously closed at $15.28.

Analysts Set New Price Targets

Several equities analysts have commented on HSHP shares. Wall Street Zen downgraded Himalaya Shipping from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Himalaya Shipping in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Himalaya Shipping presently has a consensus rating of “Hold”.

Himalaya Shipping Price Performance

The company has a debt-to-equity ratio of 4.23, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $671.29 million, a P/E ratio of 22.88 and a beta of 1.43. The stock’s 50 day simple moving average is $14.66 and its 200 day simple moving average is $12.81.

Himalaya Shipping (NYSE:HSHP) last posted its quarterly earnings results on Friday, May 15th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.02). Himalaya Shipping had a net margin of 20.28% and a return on equity of 18.28%. The company had revenue of $34.90 million for the quarter, compared to the consensus estimate of $33.30 million.

Himalaya Shipping Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, July 20th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, July 17th.

Institutional Investors Weigh In On Himalaya Shipping

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of Himalaya Shipping by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 356,350 shares of the company’s stock worth $2,056,000 after buying an additional 11,828 shares during the period. Creative Planning bought a new stake in shares of Himalaya Shipping in the second quarter valued at about $108,000. Rhumbline Advisers raised its holdings in shares of Himalaya Shipping by 42.4% in the second quarter. Rhumbline Advisers now owns 56,260 shares of the company’s stock valued at $325,000 after acquiring an additional 16,747 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Himalaya Shipping by 28.2% in the second quarter. Russell Investments Group Ltd. now owns 158,189 shares of the company’s stock worth $913,000 after acquiring an additional 34,758 shares during the period. Finally, Sei Investments Co. purchased a new stake in Himalaya Shipping in the second quarter worth about $107,000. 22.33% of the stock is currently owned by hedge funds and other institutional investors.

About Himalaya Shipping

Himalaya Shipping Ltd. provides dry bulk shipping services worldwide. The company operates a fleet of vessels. It serves major commodity trading, commodity and energy transition, and multi-modal transport companies. Himalaya Shipping Ltd. was incorporated in 2021 and is based in Hamilton, Bermuda.