Performance Shipping (NASDAQ:PSHG) Shares Down 3.4% – Here’s Why

Shares of Performance Shipping Inc. (NASDAQ:PSHG) traded down 3.4% during trading on Thursday . The stock traded as low as $2.26 and last traded at $2.26. 145,174 shares were traded during trading, a decline of 24% from the average session volume of 191,858 shares. The stock had previously closed at $2.34.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PSHG shares. Weiss Ratings reissued a “hold (c)” rating on shares of Performance Shipping in a report on Monday, December 29th. Wall Street Zen raised Performance Shipping to a “hold” rating in a report on Saturday, December 13th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Performance Shipping has a consensus rating of “Hold”.

Performance Shipping Stock Performance

The stock’s 50-day moving average price is $2.13 and its 200-day moving average price is $2.08. The company has a current ratio of 7.40, a quick ratio of 7.35 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $28.09 million, a P/E ratio of 1.77 and a beta of -0.33.

Performance Shipping (NASDAQ:PSHG) last announced its quarterly earnings data 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. Performance Shipping had a net margin of 59.37% and a return on equity of 15.90%. The business had revenue of $26.16 million during the quarter, compared to the consensus estimate of $23.57 million.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Performance Shipping stock. Renaissance Technologies LLC boosted its stake in Performance Shipping Inc. (NASDAQ:PSHG) by 39.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 189,948 shares of the company’s stock after buying an additional 53,248 shares during the period. Renaissance Technologies LLC owned 1.53% of Performance Shipping worth $405,000 as of its most recent SEC filing. 19.90% of the stock is owned by institutional investors.

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.