Short Interest in Performance Shipping Inc. (NASDAQ:PSHG) Increases By 22.3%

Performance Shipping Inc. (NASDAQ:PSHG) saw a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 601,315 shares, an increase of 22.3% from the February 26th total of 491,502 shares. Based on an average daily trading volume, of 305,720 shares, the short-interest ratio is currently 2.0 days. Currently, 4.9% of the company’s stock are short sold.

Analyst Ratings Changes

A number of analysts recently issued reports on PSHG shares. Wall Street Zen raised Performance Shipping to a “hold” rating in a research report on Saturday, December 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Performance Shipping in a research report on Friday. One research analyst has rated the stock with a Hold rating, According to MarketBeat, Performance Shipping presently has an average rating of “Hold”.

Performance Shipping Stock Down 1.1%

Shares of NASDAQ:PSHG traded down $0.02 during midday trading on Monday, hitting $1.81. The stock had a trading volume of 160,738 shares, compared to its average volume of 251,602. The company has a market cap of $22.50 million, a P/E ratio of 1.41 and a beta of -0.33. Performance Shipping has a 12 month low of $1.30 and a 12 month high of $2.58. The business’s 50-day simple moving average is $2.09 and its 200-day simple moving average is $2.09. The company has a quick ratio of 7.35, a current ratio of 7.40 and a debt-to-equity ratio of 0.69.

Performance Shipping (NASDAQ:PSHG) last posted its quarterly earnings results on Wednesday, March 4th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. The firm had revenue of $26.16 million for the quarter, compared to analyst estimates 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

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

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.