Performance Shipping (NASDAQ:PSHG) Shares Down 2.8% – Here’s What Happened

Performance Shipping Inc. (NASDAQ:PSHG) shares traded down 2.8% during trading on Wednesday . The stock traded as low as $2.01 and last traded at $2.07. 67,974 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 57,777 shares. The stock had previously closed at $2.13.

Analyst Ratings Changes

Several analysts have recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Performance Shipping in a report on Monday, December 29th. Wall Street Zen raised shares of Performance Shipping to a “hold” rating in a research report on Saturday, December 13th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

Performance Shipping Stock Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 7.35 and a current ratio of 7.40. The firm has a market capitalization of $25.73 million, a PE ratio of 1.54 and a beta of -0.31. The firm’s 50 day moving average price is $2.13 and its 200-day moving average price is $2.04.

Performance Shipping (NASDAQ:PSHG) last announced its quarterly earnings results on Tuesday, December 2nd. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.14). The business had revenue of $18.54 million during the quarter, compared to analysts’ expectations of $18.60 million. Performance Shipping had a net margin of 65.40% and a return on equity of 17.24%.

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 position in shares of Performance Shipping Inc. (NASDAQ:PSHG) in the 3rd quarter, according to its most recent filing with the SEC. The fund 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 quarter. Institutional investors and hedge funds own 19.90% of the company’s stock.

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.