Performance Shipping (NASDAQ:PSHG) Trading Up 0.9% – Here’s What Happened

Performance Shipping Inc. (NASDAQ:PSHG)’s share price rose 0.9% during trading on Monday . The company traded as high as $2.25 and last traded at $2.21. Approximately 33,301 shares changed hands during trading, a decline of 65% from the average daily volume of 96,411 shares. The stock had previously closed at $2.19.

Wall Street Analyst Weigh In

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

Performance Shipping Stock Up 0.9%

The firm has a 50-day moving average price of $2.21 and a two-hundred day moving average price of $1.98. The firm has a market cap of $27.47 million, a price-to-earnings ratio of 1.65 and a beta of -0.31. The company has a debt-to-equity ratio of 0.71, a quick ratio of 7.35 and a current ratio of 7.40.

Performance Shipping (NASDAQ:PSHG) last announced its quarterly earnings results on Tuesday, December 2nd. The company reported $0.10 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $18.60 million.

Institutional Investors Weigh In On Performance Shipping

An institutional investor recently bought a new position in Performance Shipping stock. Citadel Advisors LLC acquired a new stake in Performance Shipping Inc. (NASDAQ:PSHG) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned approximately 0.89% of Performance Shipping at the end of the most recent reporting period. 19.90% of the stock is owned by hedge funds and other 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.