Performance Shipping (NASDAQ:PSHG) Trading Up 2.9% – Still a Buy?

Performance Shipping Inc. (NASDAQ:PSHG)’s share price rose 2.9% during trading on Tuesday . The stock traded as high as $2.15 and last traded at $2.10. Approximately 33,386 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 55,432 shares. The stock had previously closed at $2.04.

Analyst Upgrades and Downgrades

PSHG has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Performance Shipping in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Performance Shipping to a “hold” rating in a report on Saturday, December 13th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Performance Shipping presently has an average rating of “Hold”.

Performance Shipping Stock Performance

The stock has a market cap of $26.11 million, a PE ratio of 1.57 and a beta of -0.31. The company has a debt-to-equity ratio of 0.71, a current ratio of 7.40 and a quick ratio of 7.35. The stock has a 50-day simple moving average of $2.20 and a 200-day simple moving average of $2.01.

Performance Shipping (NASDAQ:PSHG) last released its quarterly earnings data on Tuesday, December 2nd. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.14). Performance Shipping had a return on equity of 17.24% and a net margin of 65.40%.The firm 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 bought a new stake in Performance Shipping Inc. (NASDAQ:PSHG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned 0.89% of Performance Shipping at the end of the most recent quarter. Hedge funds and other 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.